DIGITAL PAYMENT SYSTEM

The internet payment solution providers have evolved over the recent years.   They facilitate the online payment system for the buyers, sellers and merchants.

The diversity in the payment systems enables the merchants to manage and promote their businesses by offering different currencies and the languages options to the online buyers.  You need to make an account with the payment processing companies like PayPal, World Pay and 2CO etc to send and receive the payments worldwide. 

Various Digital Payment Systems are:-

1.       PayPal - It is headquartered in California, USA and was founded in 1998.

PayPal is the largest online payment network- world's most popular "middleman service" for online purchasing. PayPal acts as the middleman holder of money. Buyers and sellers entrust PayPal with their credit card and bank information.

 The idea behind PayPal is simple: Use encryption software to allow people to make financial transfers between computers

PayPal Requirements: You need no special technology nor a business license to send/receive money through Paypal. The only requirements are:

1.       a valid email address.

2.       a valid credit card or bank account.

As an online financial transaction broker, PayPal lets people send money to each other's email addresses. Either party will not b able to see the other's credit card or bank information. while "blinded" from the other party's confidential information, strangers safely send money to each other through PayPal and email.

PayPal accounts: You can send funds to anyone with an e-mail address, whether or not they have a PayPal account. To receive the funds, though, the recipient must have a PayPal account associated with that e-mail address. Basic PayPal accounts are free, and many financial transactions are free as well, including all purchases from merchants that accept payments using PayPal.

 Some of the things to use PayPal for:

●      Send or receive payments for online auctions at eBay and other Web sites

●      Purchase or sell goods and services

●      Make or receive donations

●      Exchange cash with someone

The PayPal supports different currencies like USD, JPY, CAD, NOK, EUR, SEK, GBP and DKK etc.

2.       2CO is known as 2Checkout- proprietary e-commerce technology , it automates the online shopping. 

It is an excellent payment processor system that enables you to sell your products online or buy products and services online.  It supports thousands of the products to be sold online. it is an authorized online reseller for over 40,000 international web sites offering a wide range of shipped products, downloadable products and online services.

After making account with 2CO, you get robust account management, multiple shipping options, support numerous currencies [including Australian Dollars, Pounds Sterling, Canadian Dollars, Danish Krone, US Dollars etc]

Functions:- financial reporting, tracking, fraud prevention, customer service and sales tracking.

2CheckOut is safe and secure system, and provides a competitive service at a fair price. It offers a full solution for web stores and services - use of their shopping cart and fully secured check out pages; And it works in the same manner as PayPal but supports more countries than the PayPal.

3.       WorldPay- WorldPay is a part of the Royal Bank of Scotland Group founded in 1727 [the tenth largest banking groups in the world.] It provides electronic payment processing solutions for small and medium sized businesses internationally. WorldPay is a credit card processing system which authorizes transactions at the time of purchase. Backed by major banks, it provides a secure gateway for online shopping.

It facilitates the customers to accept the payments via internet, email, phone and fax.  It offers payment services, including online and mail order; and face-to-face transactions, such as card acceptance, payment terminals, risk management, and reporting, as well as ATM services It has variety of payment methods and support multiple currencies and countries.

How WorldPay works in conjunction with shopping cart software added to your web hosting account. All our hosting accounts that offer shopping carts are fully integrated with WorldPay.  So you can easily add products and pricing without the added burden of assimilation.  Additionally, there are customisable shopping carts such as Miva Merchant and free shopping cart programs such as osCommerce and Zen Cart that can be downloaded and integrated with WorldPay.

Benefits:-

1.       Multiple Currencies: More than 125 currencies. Standard WorldPay service offers 3 currencies of your choice. Additional currencies can be added for a one-off fee .

2.       Multiple Payment Options:

●      Visa, MasterCard & American Express are accepted.

●      Real-time transactions are processed from customer accounts directly to your WorldPay account. So there is no need for a merchant account with a NZ bank

3.       Platform Independent: Compatible with any web hosting platform and all major web browsers.

4.       The Latest Security Measures: WorldPay provides SSL, SET, digital certification & RSA public key encryption protecting your customers with total security and confidence.

5.       Online Customer Management System: Allows you to track sales, issue full or partial refunds, and configure auto statement e-mails.

Security:-WorldPay uses state of the art security tools and techniques to provide cutting edge credit card checking and authorization systems for safe online shopping.

WorldPay US, Inc. was formerly known as RBS WorldPay, Inc. and changed its name to WorldPay US, Inc. in December 2010.

4.       MoneyBookers:- MoneyBookers is a “money transmitter” that enables any business or consumer to send and receive payments both securely and cost-effectively.

MoneyBookers is another excellent payment method and everyone from the supported countries can join it for free.  With MoneyBookers you can send and receive the payment in seconds. It supports local currencies in approximately 30 countries.  There is no setup cost and it accepts almost every major credit card.

Using MoneyBookers is like using a bank account with a switch (debit) card, but without the card. Because a credit card is not involved, nor a is it a credit system. After getting account with the Money Booker, you can fund your account, send money online at the receiver’s email address, shop online and receive money.

How?  You upload funds to MoneyBookers, who hold it in an account for you. You can see the amount being held as soon as you log on to your MoneyBookers account. < How long the money takes to show depends on your funding method. Credit card funding takes effect immediately, while bank transfers are dependant on the bank’s habitual delay of 3 to 5 bank working days. >

When you send money by email, the recipient receives an email informing them that funds are waiting for them. If the recipient does not have a MoneyBookers account, they will need to open one to receive the money you sent. The money is transferred from your MoneyBookers account to that of the recipient.

Use:-

●      Send money using email, from your credit card or bank account

●      Make online purchases

●      Receive money using email

Security :-

1.       MoneyBookers uses Secure Sockets Layer (SSL) technology to help protect user information against unauthorized access from third parties, loss and fraud.

2.       In addition, when a payment is sent using MoneyBookers, the recipient won't receive sensitive financial information like the sender's credit card or bank account number.

The MoneyBookers system can be regarded as analogous to e-gold, but your reserves are held in cash rather than in gold.

5.       E-Gold: is gold circulating on the internet i.e. it is the ownership of gold used to buy and sell over the internet

It allows you the trade or transfer the ownership of the gold between the users.  It is an account based payment system that enables the people to trade or uses the gold as money.

 E-Gold is used for the payrolls, bill payments, e-commerce, business-to-business payments, person to person payments and donations.

E-gold is accounted by weight of metal, not US$ or any other national currency unit.

E-Gold is the store of wealth in cases when inflation and other circumstances had caused credibility loss in the Federal government.

Egold features:-:

1.       It is based on gold. When you open an egold account, you are actually buying a quantity of gold. If the price changes, the value in your account changes.

2.       The price you pay depends upon the quantity purchased. The more you buy, the better price you get.

3.       There is a minimum amount which must be purchased.

4.       Payments are made to account numbers. You don't see the name of the recipient.

5.       Payments are non-refundable. If you pay the wrong account by accident, it's too bad..