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Paymer

The Paymer service (www.paymer.com) is a software and hardware system designed to manage payment obligations in the form of electronic checks payable to the bearer. The service supports the issue, verification, splitting, merging, and redemption of such checks.

As a means of digital payment,a Paymer check has a certain face value and consists of a number and code of random length. The check entitles the bearer to receive a part of the collateral that was deposited (or declared) by the issuer while registering obligations on the Paymer system.

The check can be kept on any storage deevice and can be transferred between users by any method they prefer (by e-mail, fax, telephone, etc.). Users can print out checks as paper coupons (e.g., WM cards) to transfer them directly to a merchant as payment for products or services, including purchases made via the Merchant service. They can also be stored on PCs as a file to be later transferred to partners via the Internet.

Paymer checks are managed using software agents. Currently, there are two available agents, with either one keeping track of a particular collateral type.

The obligation agent keeps track of issuers’ obligations that do not imply placing the collateral at the agent’s management. This agent acknowledges the fact that the issuer has provided a certain obligation and undertakes to fulfill it when redeeming the check. Thus, to create a check of the Obligation type, it is sufficient to register any obligations towards the holder of acreated check with the agent.

The e-currency agent keeps track of obligations and collateral in the form of various e-currencies (WMZ, WMR, WME, WMU, E-gold). The collateral may be placed at the agent’s management both immediately the moment checks are created, and with a certain delay that must not exceed the redemption period. The e-currency agent allows automatically transferring reserved assets to the check bearer’s account when the check is redeemed.

Only personal passport holders or merchant passport holders that have specified their WMID during registration on the Paymer system may issue checks using the e-currency agent.

Except for creating checks, all other check operations are free of charge. When checks are issued via the Obligation agent, the fee equals 1% of the issue amount per service year, and not less than 0.1% for minimum service periods. For issues whose collateral is transferred to the system using the e-currency agent, the fee does not exceed 1% and depends on the amount of transferred assets (see the table).

The following capabilities are available to every Paymer system user:

The Paymer service (www.paymer.com) is a software and hardware system designed to manage payment obligations in the form of electronic checks which are payable to the "bearer". This service supports the issue, verification, splitting, merging, and redemption of such checks.

As a means of digital payment, a Paymer check has a certain face value and consists of a number and code of random length. The check entitles the bearer to receive a part of the collateral that was deposited (or declared) by the issuer while registering obligations on the Paymer system.

The check can be kept on any storage device and can be transferred between users by any method they prefer (by e-mail, fax, telephone, etc.). Users can print out checks as paper coupons (e.g., WM cards) and these can be used for direct transfers to a merchant as payment for products or services, including purchases made via the Merchant service. They can also be stored on a PC as a file and later transferred to another party via the Internet.

Paymer checks are managed using software agents. Currently, there are two available agents and each one tracks of a particular collateral type.

The obligation agent keeps track of issuers’ obligations that are not placed as collateral under the agent’s management. This agent acknowledges the fact that the issuer has provided a certain obligation and undertakes to fulfill it when redeeming the check. Thus, to create a check of the Obligation type, it is sufficient to register any obligations towards the holder of a created check with the agent. This is similar to a digital IOU.

The e-currency agent keeps track of obligations and collateral in the form of various e-currencies (WMZ, WMR, WME, WMU, E-gold). The collateral may be placed under the agent’s management[control] at either the immediate point the checks are created or at a future point with a certain delay that must not exceed the redemption period. The e-currency agent allows for the automatic transferring of reserved assets to the check bearer’s account when the check is redeemed.

Only personal passport holders or merchant passport holders that have specified their WMID during registration on the Paymer system may issue checks using an e-currency agent.

Except for the creation of checks, all other check operations are free of charge. When checks are issued through the Obligation agent, the fee equals 1% of the issue amount per service year, and not less than 0.1% during the minimum service periods. For issues whose collateral is transferred to the system using the e-currency agent, the fee does not exceed 1% and depends on the amount of transferred assets (see the table).

The following capabilities are available to every Paymer system user:

The Paymer system uses advanced encryption technologies to ensure the proper security of all customers’ funds.

Check verification

With check verification, the product or service merchants can make sure that the check account information and denomination are valid before they accept the check as payment. To verify the check, all you need to know is its number and enter that in the proper field on the Verify page. If the entered number is correct, clicking “Verify” moves you to a window displaying the verified check denomination and name of the issue including the check. Check details remain valid and unchanged. Click the issue name link to get information about the issue parameters and the type of collateral.

Changing check details

You may change the details of any valid Paymer check. Check details are usually changed by a new holder that has received the check as payment for goods or services. Changing check details allows preventing its use or redemption by the previous holder.

To change check details, go to Change number and code page of the service, enter the check number and code in the form fields and click "Change". Next, confirm the operation by clicking "Change", which makes new checks valid. It is very important to save new check details immediately, as the Paymer service does not support getting the numbers and codes of issued checks a second time.

If you check the "Change the Number and Code of a Paymer check for residual amount" box, you will be able to specify the number and code length of a new check.

Changing check details

You may change the details of any valid Paymer check. Check details are usually changed by a new holder that has received the check as payment for goods or services. Changing check details allows preventing its use or redemption by the previous holder.

To change check details, go to the Change number and code page, enter the check number and code in the form fields and click “Change”. Next, confirm the operation by clicking “Change”, which makes new checks valid. It is very important to save new check details immediately, as the Paymer service does not support getting the numbers and codes of issued checks a second time.

If you check the “Change the Number and Code of a Paymer check for residual amount” box, you will be able to specify the number and code length of a new check.

Check split

Any holder of a Paymer check may split it into two checks with the same total value. To perform this operation, enter the initial check number and code in the form fields on the Split page, enter the Turing number, and click “Split”. Enter the denomination of a new check at the next page, and click “Split” again. After that, the user will be provided numbers and codes for the new checks. If the “Change the Number and Code of a Paymer check for residual amount” box hasn’t been checked on the Split start page, the details of the initial check remain unchanged, while its denomination is reduced by the split amount.

Check multi-split

If the check holder wants to split it into multiple checks of equal denomination, a user-friendly way to do it is to use the multi-split function. This type of split allows getting the required number of checks of the specified denomination in one operation, keeping the residual amount of the initial check. You can also specify the number of characters for the number and the code of the new checks.

After you have entered the required information on the Multi-split page and clicked “Split”, you are provided links to the new check details. To receive this information select from the available file formats HTML, CSV or XML. You should save this data and click “Confirm”. New checks become valid only after confirmation. Please note that the Paymer service does not support getting the numbers and codes of issued checks a second time.

Merging two checks

Two checks can be merged on the Merge page. You can transfer the total amount to either check (in this case, the original check is canceled). To complete this kind of transaction, enter the numbers and codes of merged checks, and choose, select to transfer the total amount to the first Paymer, the second Paymer or a new Paymer that will be created during the next step. Then, enter the Turing number, and click “Consolidate”. The next page displays the result of the consolidation operation that will be completed only after you click “Confirm”. If the merged check has new account information, you must save it immediately as the Paymer service does not support getting the numbers and codes of issued checks a second time.

Check delivery

Paymer checks can be delivered to a user by any preferred method. When there’s certain mistrust between the parties, or if an unsecured communication channel is used and check details might be obtained by third parties, it is reasonable to use the system's delivery service.

The Paymer system offers three methods for ensuring safe check delivery to the recipient.

  • Simple transfer by e-mail. When the check is being transferred, its details are changed automatically and sent to the recipient’s e-mail address. New details are not provided to the sender.
  • Protected transmission. After the check is sent, its details are changed automatically. Only a new number is sent to the recipient’s address. The sender knows only a new code that he/she provides to the recipient after the latter has fulfilled its obligations.
    *Guaranteed delivery. After the check has been sent, the service e-mails to both the sender and the recipient providing them the service web page URL where the parties can complete the transfer.
    It is faster to use the two last check delivery methods after authenticating on the Paymer system.

Sending to e-mail

To e-mail the check, go to Send by e-mail menu item; on the opened page, enter the transferred check number and code and click “Transfer”.

In the next window, please specify the following:
  • the amount to be transferred (the amount transferred by default equals to the check denomination);
  • the recipient’s e-mail;
  • the sender’s e-mail;
  • the note specifying the transfer purpose (payment, gratuitous transfer, etc.);
  • the protection period. Upon expiry of the protection period, the check, if not used by anybody, will be returned to the sender’s e-mail (this parameter is optional).

The initial check becomes invalid after clicking “Transfer”. If the transfer amount is less than the initial check denomination, a new check is created for the residual amount. As defined by the user, check details remain unchanged or new check details are provided, if the _“Change the Number and Code of a Paymer check for residual amount” box has been checked. The check recipient is sent an e-mail with the transferred check number and code (these details are not disclosed to the sender).

If the recipient doesn’t change the check details before the protection period expires, the check is returned to the sender’s e-mail, with the code and the number being changed automatically.

Protected transmission by e-mail

This check delivery method features enhanced security as it excludes transmitting both number and code in a single message. To send a check using this method, go to Protected transmission->Transmit menu item. On the opened page, enter the transferred check number and code, click “Transfer”, and specify the following in the next window:

  • the amount to be transferred (the amount transferred by default equals the check denomination);
  • *the recipient’s e-mail;
  • the sender’s e-mail;
  • the note specifying the transfer purpose (e.g., payment, gratuitous transfer, etc.);
  • number of characters in the new check number and code (if necessary);
  • the protection period. Upon expiry of the protection period, the check, if not used by anybody, will be returned to the sender’s e-mail.

The service generates new details after clicking “Transfer”. If the transfer amount is less than the initial check denomination, a new check is generated for the residual amount with either new or unchanged details as defined by the user.

After sending is confirmed, the service e-mails the number to the recipient, and the code to the sender. If the sender has not provided his/her e-mail, he/she needs to copy a new code from the sending confirmation page.
To use the check, the recipient must fulfill his/her obligations to the sender and accept the code from the sender.

If the deal between the parties was not closed, the sender may return the check upon the protection period expiration. To do that, enter the check code on the Rollback page and click "Rollback".

Guaranteed delivery

There is another method to deliver checks which features even more enhanced reliability. When the instructions are included, this method will guarantee that losing funds is completely impossible.

To transfer a Paymer check using this method, go to the “Safe delivery→Transmission”:https://www.paymer.com/web/default.aspx?t=pass&lang=en-US page, enter the check number and code, the Turing number, accept the terms and conditions of the Agreement on Processing of Digital Messages, and click “Transfer”.

In the next window, enter the amount to be transferred (the amount transferred by default equals to the check denomination), the recipient’s e-mail, the sender’s e-mail, the transfer purpose in Note field, and then click “Continue transfer”. Next, Paymer service generates the transfer code that is used to control the transaction. Be sure to keep this code as losing it will make check transfer impossible.

The initial check becomes invalid after clicking “Confirm”. If the transfer amount is less than the check denomination, a new check is created for the residual amount with either new or unchanged details as defined by the user. The recipient is e-mailed a message with the transferred check amount and URL of the page where he/she can get the check. At the same time, the sender is e-mailed a message with the URL of the page, where he/she can confirm or roll back the check transfer.

To complete the check transfer, do the following:
  1. Recipient’s actions: go to the page specified in the message, make sure that the transferred check is the correct amount, copy (save) the check code and number. Please keep in mind that this page can be viewed only once.
  2. Sender’s actions: go to the Control page, enter the transfer code and click “Control” (or just click the link specified in the e-mail). After that, make sure that the recipient has viewed and saved the check details (whether the check has been viewed is specified in “Status” field), and click “Confirm”.

It is only after this point that are the new details previously saved by the recipient become valid.

Please note that the “Check viewed" flag can also mean that the check has been viewed not by the recipient, but by a third party that has captured the transfer information when it was transmitted via unsecured communication channels. That is why, before you confirm sending, it is reasonable to get in touch with the recipient and find out if he/she has opened the View Check page.

To cancel the check transfer, the sender only has to click “Roll back” on the Control page.

Check redemption

Redemption is the exchange of Paymer check details for the underlying collateral. The type of agent used to issue the check will determine the redemption procedure.

Assets of E-currency type checks are stored by the Paymer system. When these type of checks are redeemed the user can immediately transfer an amount of WM title units to any WM purse that does not exceed the check denomination. The full or partial amount can be transferred to one or multiple purses.

The Paymer service is not responsible for storing assets of Obligation type checks. This is why checks of this type are redeemed by the issuer pursuant to the obligations declared while creating the issue. A holder of checks of this type can seek for documentary proof of the obligations to be provided to the issuer for redemption (withdrawing assets to the bearer), or to a third party (e.g., to a court when resolving disputes or to the counter agent for closing a deal).

Redeeming E-currency checks

To redeem a check of this type, go to the Redeem page, enter the check code and number, the Turing number, accept the terms and conditions of the Agreement on Processing of Digital Messages, and click "Redeem".

On the next page, enter the amount to be redeemed and the purse number, if necessary, edit the transfer note, and click “Redeem” again. At the new page, verify redemption parameters and purse holder information, save the number and code of a new check with the residual amount (if the check is redeemed partially and the “Change the Number and Code of a Paymer check for residual amount” box has been checked on the start page). After clicking “Confirm”, the Paymer service transfers the required amount to the specified purse.

Redeeming Obligation checks

This type of obligation requires that the check holder is the only one that can initiate its redemption. In order to redeem this obligation, it is necessary to provide the documentary proof of the issuer’s obligations. The issuer is then able to obtain this issue collateral from the issuer and to provide the check details in exchange.

To obtain the documents, a user must go to the Redeem page, enter the check number and code, and click “Redeem”. Upon receiving the message saying that checks may be redeemed only by the issue owner, click the specified link. On the Get Document page, enter the check number and code, and click the button. The next page provides links to the following documents in XML and HTML formats:

  • Issuer’s obligation;
  • Obligation against the presented check.

These documents verify that their bearer has the Paymer check and is entitled to receive collateral against the issuer’s obligation.

To learn how holders of the Obligation type checks can use such checks, see user guidelines for the Debt service, specifically Using Paymer checks for loan repayment.

An issuer user can redeem a check of the Obligation type on the Redeem page. To do so, enter the check details and click “Redeem”. After that, the check will become invalid.

Issuing Obligation checks

To issue checks using the Obligation agent, a user must login to the Paymer service site, select New Issue menu item, accept the terms and conditions of the Agreement on Issue of Digital Messages, select the Obligation agent and click "Create".

Next, specify the following issue parameters:

  • amount (total face value of created checks);
  • breakdown of the check denomination;
  • check validity period;
  • description of the issuer’s obligations (in this section, you must provide a detailed characteristics of issuer’s assets: what products, services or cash assets, and in which amount as per the nominal issue unit, will be provided when redeeming the obligations);
  • check redemption method (e.g., direct transfer to an e-purse, bank transfer, product delivery, etc.).

When specifying the parameters, it is necessary to take into account the Paymer service fee, which equals 1% of the issue amount per service year, and not less than 0.1%. It means that after the issue is created, the value specified in the “Issue amount” field will be reduced by the fee amount. To eliminate calculation errors, please specify all numeric parameters, click “Calculate”, and enter the resulting value in the “Amount” field. Issue is enabled after clicking “Create”.

After that, the system will offer to start generating checks. You can also perform this operation later in the Issues section by clicking the icon in the "Create check" column.

On the check generating page, you should specify the following:
  • number of checks in this issue (denomination of each check will be equal to the issue amount divided by number of checks);
  • number of characters for the check number (varying from 8 to 30 digits) and for the code (varying from 12 to 99 digits).

Next, you have to verify the information you have entered, accept the terms and conditions of the Agreement on Accepting and Processing of Digital Messages, and click "Generate".

When defining the number of checks, please keep in mind that their denomination is the quotient of the issue face value and number of checks, while the number of issued checks multiplied by the denomination must be strictly equal to the issue amount. For instance, if the issue amount equals 1.01, and the breakdown equals 0.01, you can issue either only 1 check of the denomination of 1.01 or 101 checks of the denomination of 0.01.

After the system generates checks, it is necessary to save their details. The service supports downloading numbers and codes of issued checks as HTML, CSV and XML files.

Upon saving the obtained information in a reliable place, a user must click “Confirm”. Only after this may the checks be put in circulation.

Please note that:

  • unconfirmed details are invalid;
  • the service does not provide the numbers and codes of issued checks a second time.

You can check data about your issues, their amount and residual amount on the Issues page. The info page which links from the issue name displays its current parameters and collateral information.

Issuing checks of E-currency types

To issue checks using the E-currency agent, a user must login on the PAYMER service site, select New Issue menu item, accept the terms and conditions of the Agreement on Issue of Digital Messages, select E-currency agent, and click "Create".

Next, select the collateral placing method: while creating the issue (“Place cover funds immediately” checkbox), or after the issue is created.

Please note that in the first case, a Paymer service fee is charged before the checks are issued and is calculated using more advantageous fees. In the second case, the fee is charged off the issue amount at the rate of 1% per year. That is, if the issue amounting to X is created, checks may be issued only for the amount equaling the amount of “X – fee”.

When creating uncovered checks, it is advisable to calculate the issue amount with the calculator that is available on the issue parameter input page.

After you have chosen the collateral placing method, click Continue and specify the following:
  • issue amount (total face value of created checks);
  • type of currency (collateral) in which the checks will be issued;
  • checks validity period;
  • maturity date – the period, upon expiry of which the issuer undertakes to ensure redemption of all issued checks upon the first bearers’ request (this field is displayed if the issue collateral is placed after the issue is created).

After that, verify the entered information and click “Create”.

Next, a name resembling WMR.20743.ECUR is assigned by the Paymer system for the issue; this name is made up according to the following rule: the first part denotes the issue currency; the second part is the issue number; while the third one denotes the agent type.

After that point if the issuer is ready to place the collateral immediately, the service offers to place the collateral (click “Pay”). The collateral is transferred via the Merchant service. The amount to be paid consists of the issue face value, the Paymer service system fee, and the WMT fee.

After a new issue is created it is then possible to begin generating checks. To do that, click the respective icon in the “Create check” column in the list of issues.

On the resulting page, specify the following:
  • number of checks in this issue (denomination of each check will be equal to the issue amount divided by number of checks);
  • number of characters for the check number (varying from 8 to 30 digits) and for the code (varying from 12 to 99 digits).

Next, you have to verify the information you have entered, accept the terms and conditions of the Agreement on Accepting and Processing of Digital Messages, and click "Generate".

When defining the number of checks please keep in mind that their denomination is a multiple of 0.01, while the number of issued checks multiplied by the denomination must be strictly equal to the issue amount. For example, if the issue amount equals 1.01 WMZ, and the currency breakdown equals 0.01, you can issue either only 1 check with the denomination of 1.01 WMZ or 101 checks with the denomination of 0.01 WMZ.

After the system generates the checks, it is necessary to get and save their details. The service supports downloading numbers and codes of issued checks as HTML, CSV and XML files.

Upon saving the obtained information in a reliable place, a user must confirm that he/she has obtained the details by clicking the Confirm button. After this the checks may be put into circulation.

Please note two important points:
  • unconfirmed details are invalid;
  • the Paymer service does not support getting numbers and codes of issued checks a second time.

You can check data about your issues, their amount and residual amount in the Issues section. The info page which links from the issue name displays its current parameters, information about the issue owner and collateral. At this page a user can also initiate the procedure of placing additional collateral (the function is currently under development).

Additional functions

Paymer system supports a number of additional features.

  1. A service automating acceptance of check payments – Paymer Merchant (see the description).
  2. Verification, splitting, changing details, transfer and redemption of checks via mobile phones by SMS. Another function is paying for mobile carrier services with checks.

System site Paymer