Business and Personal Outlook(Chelsea)

Business Outlook on digital  payments are that is becomes very easy for companies o track  there customers payments, cuts back on filing and paper that they have to use,moving to more database system. Business can use this for one of its main purposes to accept or deny payments from the customer.
Personal Outlook on digital payments for customers it makes it easy to pay your bills from the comfort of your own home . For example Suntrust Bank allows the customer that has an online account to access bill paying to varies companies. Also we all like to shop online and being able to pay digitally has made the market for online shopping and transactions have sky rocked.

PayPal (Bryan)

Buyers never pay a fee to PayPal.  There is, however, a small fee for sellers.  They pay a 2.9% transaction fee on the total sale amount plus a $0.30 fee per transaction. There are some exceptions, listed here. If you have a business, see PayPal Merchant Fees for discounted rates and other pricing info.

Transferring money through Paypal is usually free.  Sending money to friends and family is free for you and the recipient when you fund the transfer with your bank account or PayPal balance. You can also use a debit or credit card or make an international transfer for a small fee. If you use yoru PayPal balance or a bank account, there is no fee when sending money inside the US.  There is a debit/credit card fee that is the same as if you were selling something through PayPal.  If you sending money outside the US, there is a small fee of 0.5% to 2%, depending on the destination when fully funded with bank account or PayPal balance.  The fee increases to 3.4% to 3.9% if paying with a credit or debit card.  For more information about PayPal fees, visit the PayPal website. 

Cryptocurrencies (Bitcon, ripple.com) (Nick)

Now that we all know how bitcoin work  we would like to see who out there among us has either tried or would now knowing what it is like to give bitcoin a try.  We have came to the conclusion that we are not afraid of the big bank going under.  We are not part of that group.  Those people were the first followers of bitcoin and have cashed in big now.  To us we see it as too late to jump on the bitcoin bandwagon.  That bubble for us has already popped.  We like the idea and think it is the revolutionary item in digital payments. When the next one comes around we will be sure to jump on that bandwagon.  How about you?

Legal Issues (Bryan)

Many companies are now going to paperless payroll across the board.  Depending on the state you're in, an employer could be out of compliance by not providing a pay statement to their employees. 

The following states require that employers provide a paper copy of your check stub:  Arizona, Colorado, Connecticut, Hawaii, Iowa, Maine, Minnesota, New Mexico, North Carolina, Texas and Vermont. 

There are 8 states that do not have a pay statement requirement.  These states are:  Arkansas, Florida, Louisiana, Mississippi, Nebraska, South Dakota, Tennessee and Virginia.  If employers in these states choose to provide a pay statement to their employees, they may do so electronically.  Virginia only requires employers to provide a pay statement if the employee requests it.

There are still other states that require access to a printed statement.  This means that an online statement is acceptable as long as printing the statement is an option.  States that have this requirement include:  Alabama, Alaska, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Maryland, Michigan, Missouri, Montana, Nevada ,New Hampshire, New Jersey, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Utah, Washington, and  West Virginia

Square (Chelsea)

Square is the newest technology on the market that allows transactions to be made with one ore two steps. First go to the Square website and sign up and receive your free Square card reader. Secondly register the Square reader on the website and download the App on your IOS, Android smartphones or tablets. Then you are ready to use your Square reader. The Square reader makes it easy to complete transaction with debit and credit card. But remember that for every transaction they(Square) receives 2.75%. More and more small businesses are using this type of new technology instead installing computer systems  plus the credit/debit card machines and the programs that come with it. The Square makes it easy and fast  to make transactions right on the spot. Also I learned from someone I know that uses this device you(the customer) can receive a receipt through your email after completing the transaction.

 

 

Google Wallet (NFC) (Nick)

Google Wallet is a service that  has been around for a little over two years and is making digital payments easier and is very secure.  This is making it very easy for you to no longer carry your wallet around all you need is something that you always carry around with you, your cell phone.  How does it work you might ask?  One of two ways, online Google wallet stores all of your credit card or bank account information so you do not have to enter it in every time.  As for in stores you use your cell phone to pay for items by using NFC(Near Field Communication) which will be later discussed.  It is very secure and it is almost like Pay Pass by Exxon Mobile.  Not all cell phones have it but in the near future all cell phones will be equipped with NFC.  As for NFC(Near Field Communication) it is a radio transmission for communication between two devices in this case your cell phone and the terminal in which you are paying.  This is just one digital payment that we believe over the future will make cash useless.  What do you think?  If you could would you like to only be responsible for you cell phone and not your wallet? Let us know. http://www.google.com/wallet/ for more information or if you would like to set up an account.

Brief Intro of Leading Products and Services (Julius)

Digital payments is an industry that is growing each and everyday.  Products and services in this industry are taking over what we thought of as normal.  Before today, I never thought I would be able to pay my rent online instead of turning a check into a land lord... In today's society we are able to do any sort of transaction digitally never having to see the cash that is being transferred.  PayPal is one of the leading websites in collecting money for purchases.  Luke II Pay Station is multi-space parking pay system that collects money without every having to hand a person money.  The Inuit GoPayment is a product that allows individuals to collect payments with the use of an iPhone.  Credit card technology has come out with innovations like the Master Card Master Pass so you can pay for products with your phone, tablet, or computer.  Technologies like these and others are putting digital payments into a primary front runner for innovations that have surpassed previous standards for payment options around the world.