payment processors

ONLINE PAYMENT PROCESSORS

AlertPay E-bullion Paypal
E-gold Moneybookers Safepay
Stormpay Other Payment Processors

As mentioned in the site glossary, payment processors are financial institutions that process data from credit card and other similar online transactions. To learn more about digital currencies, you can download a free copy of Michael Moore's book "Gold Currencies & How to Use Them" here.
Lately, there has been a sudden surge of new payment processors online. My advice is, stick with the tried and tested ones. The following is a list of the more commonly used payment processors. Personally, I use either E-gold and Moneybookers for online transactions.



Gaining popularity these few days, it combines account safety and security with competitive transaction fees, numerous funding options (Bank Transfer, Money Order, Cashier's Check, Credit Card, Bank Wire, E-Gold) and a lucrative affiliate program with excellent customer support. It is available internationally to all EXCEPT the following countries: Angola, Liberia, Nigeria & Sierra Leone.

Advantages Disadvantages
Open an account for free
Easy, only email address required
No minimum balance requirements
Multiple funding options
Incentive program (details here) Relatively smaller merchant user base
Account can be hacked if you're not careful.
Relatively higher transaction fees

Fees
Personal Account Premium Account Secured Account
OPEN AN ACCOUNT Free Free Free
SEND MONEY Free Free Free
RECEIVE FUNDS $1.00 per transaction 2.5% + $0.25 per transaction 3.9% + $0.59 per transaction

Withdraw Funds
Direct Deposit $0.50 $0.50 $0.50
Check $2.00 $2.00 $2.00
Bank Wire $25.00 $25.00 $25.00
E-Gold 4% 4% 4%

Add Funds
Bank Transfer(ACH/EFT) Free Free Free
Money Order Free Free Free
Cashier's Check Free Free Free
Credit Card 5% 5% 5%
Bank Wire $20.00 $20.00 $20.00
E-Gold 2.50% 2.50% 2.50%

Contact Details:
email: customersupport@alertpay.com
Phone (514) 748-5774 (Monday through Friday, 9:00am to 5:00pm EST (New York time)
AlertPay Inc.
5200 De La Savane, Suite 220
Montreal, Quebec
Canada
H4P-2M8
E-gold.com

As defined in E-gold.com, " e-gold is an electronic currency, issued by e-gold Ltd., a Nevis corporation, 100% backed at all times by gold bullion in allocated storage.
e-gold is integrated into an account based payment system that empowers people to use gold as money. Specifically, the e-gold payment system enables people to Spend specified weights of gold to other e-gold accounts. Only the ownership changes - the gold in the treasury grade vault stays put."

Advantages Disadvantages
Open an account for free
Easy, only email address required
No minimum balance requirements
Supports all international currencies
Relatively low transaction fees (see below)
Incentive program (details here)
Widely used in GPT Industry. Third party funding of account, with relatively high account funding and withdrawal fees
Few online uses aside from in the GPT Industry
Account can be hacked if you're not careful.

Fees
Agio/Storage Fee of 1% per annum, deducted monthly from your account. Calculation is based on average daily balance.

Spend Fees are deducted from the recipients.

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Formula
0.0004 0.1 5% + AUG 0.0002
0.1 0.5 1.25% + AUG 0.00375
0.5 1 AUG 0.01
1 5 1%
5 AUG 0.05

Tips (Applicable when using any type of online payment processor)
1. When accessing accounts, type in the correct address or bookmark it.
2. Before typing in your passphrase, check for https in the browser location bar and the active padlock icon in the browser status bar (right lower corner).
3. Make use of e-gold's Account Sentinel™ to restrict access of your account to a range of IPs only, set Address Change Sensitivity to high and enable Detect Browser Change.
4. Never access your account from emails sent to you.
5. Check the SSL Security Certificate of the e-gold website. Values should be
Issued to: www.e-gold.com
Issued by: VeriSign
Valid from: 11/22/2004 to 12/1/2006
Thumbprint: F84F 522C E958 A443 5A37 8934 6D77 2D70 096C 6A82

Contact Details
Phone (Worldwide) +1 321-956-1200
FAX (Worldwide) +1 321-951-0790

MoneyBookers.com

Moneybookers enables any business or consumer with an email address to securely and cost-effectively send and receive payments online – in real-time!

Advantages Disadvantages
Open an account for free
Supports a wide array of international currencies
Low transaction fees
Supports multiple ways to fund account
Referral program available (details here) Available Escrow Service Services available to select set of countries only (see below)

Fees
Upload Money From Bank: FREE*
Upload Money From Credit Card: 3%
Send Fees 1% (up to € 0.50)
Withdraw Money To Bank: € 1.80 flat fee
Withdraw Money via Cheque: € 3.50 flat fee
* Depends on country of origin (see below)

Countries which support local payment methods: Andorra, Australia, Austria, Belgium, Bulgaria, Czech Republic, Denmark, Estonia, France, Greece, Hungary, Ireland, Italy, Netherlands, Norway, Poland, Slovakia, Spain, Sweden, Switzerland, UK
Countries which support withdrawal of funds via cheque: India, Ireland, US, UK
Countries currently NOT approved: Myanmar, Nauru, Nigeria

Contact Details
email: service@moneybookers.com
Phone: 0870 2255040
Fax: 0709 2042001
Mailing address: C3 Cairngorm House, Meridian Gate, 203 Marsh Wall, London, E14 9YT, UK

SafepaySolutions.com

A publicly owned company traded under the symbol SPFS.PK, Safepay Solutions aims "to remain one of the world's premier international resellers of products and services, to provide suppliers with multiple ways to securely send and receive online payments, to offer the highest level of security with maximum ease of use for all customer purchases, and to keep our members personal financial information secure, confidential and private".

Advantages Disadvantages
Open an account for free
Supports multiple ways to fund and withdraw from account
Free merchant tools
Philippine base of operations present Relatively higher transaction fees
Referral program available for business accounts only

Fees
Transaction Fee
Open an account Free
Send Money Free
Receive Money 2.99% (non-credit card purchases)
3.99% (credit card purchases)
Withdraw Funds
Direct Bank Deposit $7.00
Bank Wire $27.00 (Within US)
$39.00(International)
SPS Debit Card $2.00
Check Free (Postage or shipping charges apply)
Add Funds
Via Credit Card 5.9%
Via Bank Wire $2.00
Via Direct Deposit $2.00
Via Electronic Check $2.00
Via E-bullion 1%
* Maximum first time funding from credit cards is $525, and you must have verified bank account information with SPS.
* Receive Money transactions carry a .59 cent fee per transaction.
* Direct Deposit to U.S. Checking account

Contact Details
Main operations office:
SafePay Solutions
1 East Liberty St - 6th Floor
Reno, NV. 89504

Philippine operations office:
U12 Gamma Commercial Complex
#47 Rizal Highway cor. Manila Avenue
Subic Bay Freeport, Philippines

E-Bullion
As defined in E-bullion.com, "e-bullion® is electronic bullion: international electronic currency fully backed by physical precious metals stored on behalf of account holders in Treasury Grade bullion storage facilities." Paypal
One of the most commonly used payment processors, closely associated with e-bay.. A list of countries who can avail of its services is available here.

Other Payment Processors

EMO GoldMoney NetPay Pecunix StormPay



For most of the work at home freelancers, the biggest dilemma is about how to get payment from the global buyers. Well, it is true that freelance service providers like you and I ought to know how to receive the money even before taking up any job on freelancing sites. While receiving the money from overseas suppliers, security of Internet money transactions, theft of identity and online credit card and debit card frauds pose the maximum causes of worry.

E-Money or electronic payment processing is the biggest gift of modern technology. It wasn’t until the early part of twenty-first century that online jobs became popular among the service providers throughout the world. Western Union Money Transfer and Wire Transfer were regarded as the only reliable sources for the overseas Indian and Asian workers for sending their hard-earned money to their beloveds at remote places in India and Asia. However, for the online freelancers, nowadays, there are many alternatives such as PayPal, Moneybookers and AlertPay, among other, for the electronic money management.

PayPal is one of the most popular methods of doing business for the online freelancers all over the world. On the realm of freelancers, PayPal is considered as the safest alternative as a third party for sending, receiving and withdrawing money. It has a very user-friendly website with which you can safely perform all the Internet money transactions. Signing up with PayPal is easy. What you all need is a genuine email address. There are certain restrictions on sending and withdrawing money if your account is not verified by registering a credit card or debit card.

Sending money is generally free but the charges for receiving money into your account may vary with different factors such as geographical locations, amount and the type of account. As a thumb rule, the charges work out to around 4% of the transacted amount subject to a minimum of 0.3-0.5 dollar per transaction. Charges for withdrawing the money into your bank account would depend upon the amount. Besides, you have to pay an amount of the order of 3% of the exchange rate, if you want to withdraw money into the currency of your country.