What is a "non-repudiable payment"?
A payment is non-repudiable when it is irrevocable and irreversible.
At iGolder, once you clear a payment, you cannot reverse the transaction and take
your gold back, unless we have a genuine proof of a criminal activity.
Likewise, iGolder will not honor any request to reverse a
transaction that has been entered by an authorized user of an account.
Your only way of getting your gold back is having the the recipient
giving you a refund for your transaction. If you have any reason to doubt whether the seller will deliver the goods
or services they have promised, use the Safetransit™ tool to protect yourself
from from non-shipment or misrepresentation of merchandise.
Without the Safetransit™ tool, the buyer is
taking the risks with a non-repudiable payment. By contrast, the
seller (merchant) is taking the risks when accepting a repudiable payment
such as a credit card.
Definition of non-repudiation
Non-repudiation is the ability of a trading partner to prove or disprove
having previously sent or received a particular business message to or from
another trading partner.
To repudiate means to deny. To make repudiation difficult, you might send registered mail, for example, so the recipient
cannot deny that a letter was delivered. Similarly, a legal document
typically requires witnesses to signing so that the person who signs cannot
deny having done so.
On the Internet, a digital
signature is used not only to
ensure that a message or document has been electronically signed by the
person that purported to sign the document, but also, since a digital
signature can only be created by one person, to ensure that a person cannot
later deny that they furnished the signature.
Since no security technology is absolutely fool-proof, some experts warn
that a digital signature alone may not always guarantee non-repudiation.
It is suggested that multiple approaches be used, such as capturing unique
biometric information and other data about the sender or signer that
collectively would be difficult to repudiate.
Email non-repudiation involves
methods such as email
tracking that are designed
to ensure that the sender cannot deny having sent a message and/or that the
recipient cannot deny having received it.