I have been part of online money making programs for a long time, but I was never so much confused when I was requested to submit details of payment Processors whose account belongs to me. Whenever you will discuss about online banking or E-wallet then first thing that will be asked from you is that what is a Payment Processor? There are two methods to get rid of this question. First one is to skip this topic and start another one but second is to learn and discuss that one so we never face any difficulty again when we talk about that topic again.
When I started the blog, there were two things that were I thinking to start. But it was quite boring to start discussions with introduction of Payment Processors. But people do not like to get bored because same topics are everywhere on internet and in offline books. The people wants to learn something new, unusual or extra ordinary.
That is why I skipped the topics for later and started directly by discussing online Money Making Opportunities. Instead of these skipped topics I placed some beautiful images that were attracting the readers but now I have decided to shape my blog from a to z in order so that newbies never find any problem to learn the basics and they are able to learn something that they love most that is off course Making Money online. Now we will add the missing topics as the summer vacations in the Asian countries are started and this is the period when many internet users try to earn some bucks from the internet. It will be our first priority that we do not promote any scam programs or the programs that requires any kind of investment.
There were some questions that every user has
• What are Online Payment Processors?
• How these all started?
• What is the purpose of the system?
• Evolution of E-wallet?
• How to sign up with them?
• How Much money required to join them?
• Which One is free To Join?
• How to Deposit Money with Them?
• Is there any legal Issues?
• Can we use these for Offline transfers and Transactions?
• How secure these are?
• Uses of E wallets?
• Which is the Best Payment Processor?
• Which is Merchant Payment Processor?
Payment Processors
Actually the Payment Processors term is taken from Payment Processing, which is the technique by which the Payments and other deals that involve Payment and money are handled. If you are dealing with anyone in return of any currency then you are also doing payment processing.
Banking is the only thing that everybody loves. There is small amount of people who are not enjoying the services provided by banks. This was limited before but the internet and mobile banking has given it a rise. Even the most backward regions of Africa are using these services.
The payment Processors are same like the offline banks you can call them online banks. Yup! These are banks having online accounts same like them. These accounts are accessible as easy as you are accessing your webmail. Small amounts of security checks to your E wallet and you are granted access to your online storage.
History of payment Processing
Payment processing is the process of money transfer that is started from evolution of human and transformed into most recent shape gradually. At most start people were accessing their needs with the help of barter system. They used to transfer goods with each other. The system lasted for longer period until they started to trade with other cities and nations. Some of them do not loved the barter system. Therefore they started the coin and currency system. The coins were basically made up of gold or silver. The gold coins valued more than silver coins as they do these days also.
Later the currency system improved and the coins took place of currency notes. The improvements were not limited yet but the banks took place for faster exchange, security and savings. This continued but at the end of 20th century, the mobiles and computers revolutionized every field and the mobile and internet banking started and this was the start of payment processing and the use of E-Wallets and credit card processing also begun.
Purpose of Payment Processors:
As the ecommerce is trending more and more, it was becoming too difficult for IT professionals to deal with each other’s with traditional banks and one to one payment. Due to time consuming and more expensive methods of banking, the professionals were limited either to banks or the payment services like Western union and the Money order etc. There were many old services provided by the mailing services then. As I belong to Pakistan, I was using the Pakistan Post’s money order that was widely used by me.
Micro tasks were done with the help of prepaid cards and this was the most initial form of Credit cards. This was not the solution of this problem in sending and received payments. Later many banks provided the facility of cash transfer due to online banking but it do not trended too much because it cannot be used for online shopping and less availability due to limited working hours of Banks.
Many users used this method but too much strikes and vacations were hurdle. Also it took lots of time of professionals to go banks and settle their payment disputes. They were unable to make any deal in the weekends due to no availability of the banks and traditional money transfer methods.
It was not possible to withdraw the money from online making program with low payout. Also low amount of money from the other clients was not good idea to be transferred because of a big amount of taxes and fees. The merchants were also unable to make deals due to limited resources and the fees for transfers. Also it too long to receive the cash from other side. That is why average deals were taking more than months. The dealers were tired due to this system. This system was as boring as our old mailing system was.
Evolution of payment Processors
To get rid of all of the above issues, developer started to find a solution that is acceptable both for client and merchants. At start the payment processors were same like your hard drive or in the form of online storage or the storage provided with space according to the money you were having in the E-Wallet. I have better examples to explain them
i. You are having locker in bank. But there are many people having locker with bigger size than yours. If you ask the authorities or officials, then they told that they are having higher deposits.
ii. You have been granted hosting package from your hosting companies. But on other side there are many webmasters and users having unlimited hosting. When you ask the hosting company they refuse to upgrade your package without extra money.
This was all because that the webmasters were not having much resources and also were having lesser users because they were not having any connection with banks and other payment services. Later they expanded from one city to other. This continued and continued. After few years they linked some accounts with banks. But still there were many issues, as sometimes their databases were also hacked. They developed their websites and started to promote their online payment processors. This continued until they decreased the fees and some of them started referral or affiliate system. Later almost all the programs removed fees to join the program. Now many programs have added credit card and master cards for international users. They are not limited to this but they started to be affiliate of many favorite networks and online shopping stores.
Signup and Fee structure of Payment Processors
It is much easier now to sign up with the E wallets. You just have to go to the web of specific program and after filling form the accounts are granted. Many of these facilities do not require any fees to join these. But some programs requires money that is pre deposited to the online account of the user. Some of them charge bucks for delivering master and credit cards linked with your account. There are no fees to join but some programs like Payoneer master card, you have to pay early fees of the card at the end of the working year. Payza and other similar take fees at deposit and withdrawal only. Some E-Currencies like PayPal, you have to pay fee at each transaction. When we will discuss specific E-currency, we will try to discuss the fees of them. Anyhow we have discussed all the E-currencies that do not require fee at signup but at transactions and withdrawal
How to Deposit money in E-currencies
This would is the first question when you are going to sign up with any program. Like other betting and online shopping services, there are many methods to fund money in E currencies but the most common are
1. Currency Exchangers: The people who take some commission from the users for depositing money into their accounts. Some are officials and some are not official but can help you in depositing money. Most are listed on the official websites of the E-Currency
2. Credit Cards and Master Cards: It is same like shopping from e store
3. Deposit: If you do not have any other source than you can deposit money from your local bank. It is a little bit costly but for higher amounts it is affordable and secure with less risk.
4. Friends: If any of your friend is using the same program then you can ask him/her to transfer some funds into your account.
5. Earn Online: This is the most favorite method for me to fund my wallet. Because I do not have to spend the money for this. I will also suggest you some programs.
6. Coupons: Some of them has provided the ability to fund with the help of coupons and vouchers. This feature also made it easier to held contests on internet.
In later discussions we will discuss the funding procedure in brief.
Legal Issues
Before we discuss the uses in brief that I will suggest you to know the legal issues in your countries. There are few countries that do not allow to fund money in foreign accounts. Another thing you must also know that no one program is allowed to use for illegal or prohibited activities in any country.
Some countries do not allow to deposit or keep money in foreign banks or investment programs than national or native programs. If they allow then you may have problems by tax authorities.
Offline Uses and Availability
E-Currencies are not only having their uses online but also carry their usefulness offline also. Many merchants including me mostly done our offline deals also with E wallets instead of offline banks. This not only saves a big amount of money but also lots of time. New functionality of refunding also made these programs more attracted than ever. Although this feature is being used in few but popular E-wallets but users and merchants are hoping that this will be available in other programs also in near future.
Security of E Wallets
As these facilities are online many online users predict that these program may have loose security as the other websites that are hacked mostly whether they belong to government. But when we talk about these programs then we will find these more secure compared to the banks. The banks are easily looted because they are protected by humans but these are not easy to hack or enter from the ghost door due to [protection of computers and world’s best security experts. There are many security layers that we will discuss when we will go for specific discussions.
Which Is the Best Payment Processor
It is not easier to select the best program on personal opinion or my reviews. For this you must have deep research to make the best and user friendly experience of online banking for you. The first thing that you must have in mind that you must be part of secure E-currncy because you are going to keep lots of money there. SSSL certificates are not enough. The second priority should be higher uptime and less time they take for maintenance. Third factor is low fee in order to save a bigger amount of money. Read the reviews of other internet users also. You must check for PP that supports extra security features such as pin, verification etc. Check for the PP that has zero or negligible fee because you are going to use it for long.
Conclusion:
Payment Processing is the organized system used to deal and manage money for individuals, merchants, businessmen, groups and companies. These all were started in order to facilitate the users in time and money. Transfers and shopping becomes easier. This has given the user’s ability and freedom to fund and redeem the money. It is easier to sign up with them, no extra fees are required. They are easy to fund with the help of credit cards, master cards, debit cards, coupons, deposits, cash, transfers, money exchange and many other methods. They are most secured internet websites and databases. Many countries support all the programs, some do not support all of them. Same ways some programs do not support all the countries as PayPal do not support Pakistan and Okay do not function well in India. There may be many legal issues by your local governments also. Many factors make an E-currency the best and suitable. These are used in making any PP the favorite and more affordable to use.
In later articles we will discuss how to Earn Money by Payment Processorshttps://itsuperearn.blogspot.com/2012/12/payza.html
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