Virtual Credit Cards

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Virtual Credit Cards
Produced byMr. Kevin Gill
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Question 3
Virtual Credit Cards
Produced byMr. Kevin Gill
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What is a Virtual Credit Card

• Virtual Credit Card is similar to the regular
  credit cards you may already possess, it is based
  on VISA and Eurocard/MasterCard brands. It works
  in the same way as well you go to the web-shop,
  choose a product you need and leave the
  VirtualCard details at the site checkout pages
  (usually you are asked to supply card number,
  expiry date and cardholder name and surname).

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What is a Virtual Credit Card (condt)

• What's the difference then?
• Well, VirtualCard is not made in plastic, it is
  literally speaking - virtual. All you are given
  is a set of numbers card number and card expiry
  date.
• You can not use this card in a restaurant or in a
  "real" shop, hence there is no way how your card
  details can be copied without your authorization
  and your card is not likely to be stolen either.

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What is a Virtual Credit Card (condt)

• If you already have a credit card Virtual
  Credit Cards comes handy when you want to use it
  at Internet venues, however, don't want your
  major credit card numbers to be disclosed. It is
  also a good idea to keep only minimal balance on
  the Virtual Credit Card. Diversifying risks is
  always the best strategy.

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Benefits of Virtual Cards

• They are four (4) advantages to having a Virtual
  Credit Card.
• 1. Security
• 2. Instant availability
• 3. Valid World Wide
• 4. Supported by Major Brands

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Benefits - Security

• Virtual Credit Card was initially developed with
  the needs of the Internet shopper in mind, that
  is why this card is more secure than any other
  credit card available on the market.
• Virtual Credit Card is not made on plastic, that
  can be lost, stolen or misused by other persons.
  You are the only person that knows your card
  number expiry date and user name. Transactions
  authorized from your card are constantly checked
  for suspicious patterns. You keep only a limited
  amount of funds on Virtual Credit Card, thus
  minimizing the risk of loss. Using on-line access
  you are able to instantly "stop" the card if you
  suspect that someone else is using it.

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Benefits Instant Availability

• VirtualCard is available instantly, complicated
  bank's procedures, numerous forms - are all in
  the past. You fill-in a short form either on-line
  or at your local financial company, print it out,
  sign it and send it (if online) to them together
  with a notarized copy of your ID and making first
  deposit that will cover your Internet shopping
  spree.With the Virtual Credit Card, one can
  spend only the amount deposited on the card
  account. Customers credit history are not
  usually checked and the Virtual Card can be
  issued to any citizen of any country in the world
  .

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Benefits Valid World-Wide

• Your VirtualCard will either be a VISA or
  Eurocard/MasterCard card. Usually, either VISA
  or Eurocard/MasterCard cards are accepted by 99
  of Internet merchants throughout the world. With
  your VirtualCard you will be able to make all the
  needed arrangements without leaving your office
  or home
• Shop via the Internet
• Pay via the Internet
• Book tickets and make hotel reservations
• Order catalogue goods.Note Some US based
  merchants do not accept cards issued by banks
  outside the United States. It is up to the
  individual merchant to decide on this policy.

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Benefits Supported by major Brands

• When you apply for VirtualCard either a VISA or
  Eurocard/MasterCard based card is issued to you.
  Both VISA and Eurocard/MasterCard are the major
  brands, and majority of Internet merchants accept
  both. Still, VISA card is slightly more popular
  in USA and Asia, while Eurocard/MasterCard is
  preferred in European countries.

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Other Benefits of a VCC

• No references required
• No credit check or income verification
• Cards' transactions are not reported to credit
  bureaus
• Existence and details of card account activities
  are not disclosed
• Funds can be wired to the card via SWIFT or other
  wire transfer facility

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Requirements for a VCC

• Personal or corporate account
• Notarized copy of currently valid passport or
  driver' license. (Some form of identity)

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How VCC Transaction Works
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Example of Making and Executing Transactions with
VCC

• 1. Michelle wants to make a purchase with
  Alienware online.
• 2. Michelle interacts with her Bank(FCI) to
  obtain a VCC with the Virtual No. 2453, for that
  transaction.
• 3. Michelle uses VCC with the Virtual No. 2453,
  supplied by her Bank, to make the purchase with
  Alienware online.
• 4. Alienware invoices Michelles bank (FCI)
  using the Virtual No. 2453 informed by Michelle.
• 5. FCI checks the Virtual No. 2453 and it makes
  the payment.
• 6. FCI sends the invoice to Michelle within the
  date of the expiration.

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Examples of Rates for VCCs

• The price of the virtual card depends on its'
  validity period
•   3 months - 20 or 60Bds
•   6 months - 36 or 108Bds
•   9 months - 50 or 150Bds
• 12 months - 60 or 180Bds
• Purchase commissions and Credit Interest Rates
  are also included in the charges
• Note Rate will differ through out different
  Financial Companies.

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Where can you purchase VCCs

• You can purchase VCCs from the following
• Any local Financial Institution that Supports VCC
  transaction
• Your Personal Financial Bank.
• Credit unions
• Any other known financial services
• Also they can be purchased online here as
  follows
• http//www.ballsout.com/ccrugby.htm
• http//virtualcreditcard4internet.com/internetcred
  itcardfees.html
• http//www.money-around-the-world.com/
• etc

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Advantages of VCC Use

• 1) The true number of the Consumer's Credit Card,
  for a certain transaction, will only be informed
  once, and the Financial company is responsible
  for the emission of the Card. This operation will
  give larger safety to the possessor of the Credit
  Card.
• 2) The Financial company will know details of a
  transaction that will be made by that Credit
  Card in advance, it could verify the value, it's
  limits and validity of the card, and it will emit
  a Vitual Credit Card that contains the Virtual
  No. X specific for that transaction.
• 3) The Trading company will receive, from the
  Consumer, a Virtual Credit Card with the Virtual
  No. X that was emitted by the Financial company
  for that transaction.

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Advantages of VCC Use (contd)

• 4) The use of Vitrual Credit Cards doesn't block
  the use of the current processes, i.e., the
  introduction and use of VCC can be gradual until
  becoming a well-known process and used by
  everybody on the net.
• 5) The Virtual No. X correspondent form the
  Financial company can be in two formats 5.1 -
  Readable format for the Consumer, this way it
  will be transferred to the Trading company also
  in a readable way, for fingering or copy.
• 5.2 - Illegible format (cryptography), this
  way it will be received by the Consumer as a
  file, that will be transferred to the Trade in
  the same format. This format will be identified
  and only recognized by the Financial, that coded
  the Virtual No. X.

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Conclusion

• VCC will only be used through communication
  means, reducing the improper use of the true
  number of the credit card, that will only be used
  in the possessor's of the Card physical presence
  in this way protecting, the Consumer, owner of
  the Card, and the Trade for the largest safety in
  the transaction involving the Credit Card.

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References
1 OffshoreSimple. Offshore Debit and Credit
Cards. http//www.offshoresimple.com/offshore_atm
_debit_credit_cards.htmVIRTUAL_CREDIT_CARD .
1996-2004 2 Virtual Credit Card 4 Internet
http//virtualcreditcard4internet.com/internetcred
itcardfees.html 3 Virtual Credit Cards.
http//www.money-around-the-world.com/faqs.html
4 Virtual Credit Cards. http//www.approach.
co.nz/portfolio_web/web_dump/vcc/ 5 Yahoo
Geocites. 27/August/1998 .http//www.geocities.com
/Eureka/Park/5014/vcc.htm,
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Thank You for Viewing This presentation was
brought to you from you fellow Colleague Mr.
Kevin Gill
Any Questions at this time.
Presented by Mr. Kevin Gill