For so long, Paypal has been a boon for individuals for their secure money transactions for e-commerce businesses. This gives you the advantage of not having to share your bank account or credit card details with the merchant or recipient. But, everybody should know that they are not the only ones who provide such services.
Person-to-Person Payments
Popmoney was launched during the end of the year 2009, whereas ZashPay was launched during this summer. Both these payment services works just like PayPal, as you need only a recipient mobile number or the email address.
The difference between Paypal and the other two services is that PayPal allows money transactions through your PayPal account, whereas the other two (Popmoney and ZashPay) allows money transactions directly via bank account itself just like an electronic bill payments.
Popmoney
You will never be able to send payments via its online site, unless your bank supports such a service. So, for sending money via such a service from your bank, you would require a Popmoney account.
Pros: You can establish a Popmoney account for free and can receive money without any transaction fee. Nearly 175 banks provide free accounts for their customers.
Cons: You will never be able to send payments via Popmoney’s site, unless you have a bank account that supports Popmoney services. You should provide sensitive information during the verification process in order to create an account.
ZashPay
The ZashPay account setup will take some days that includes the time for small verification deposits to feature in the bank account. You can send the payment amount to the recipient email address like in PayPal. When you receive the payment, you will get notifications via your email and SMS on mobile phone.
Pros: You can send money through SMS or email. No 3rd party account is required, but can send payment between bank accounts directly. Free account set up and no fee will deducted for receiving money. Fee for sending a USD 500 will be USD 0.75 only.
Cons: Setting up an account consists of a verification process wherein you have to give lot of sensitive information. Number of banks that supports ZashPay is limited only to 70 till now.
Others
Obopay and AlertPay are other online payment service providers that are similar to the PayPal working strategy. Create an account and specify a bank account to take care of the payment transactions. Obopay working depends on mobile devices. AlertPay provides additional services like funding sources through money orders, providing services to more than 190 countries which PayPal doesn’t provide.
Business centred
PayPal revolves on the fees which they get from their customers during the money transactions. PayPal acts as a 3rd party who works between 2 customers who wants to transfer money between them. Not everybody is happy with PayPal way of dealing things. PayPal has frozen million dollars from the account of a game developer Notch, stating the suspicious activity as a reason.
Google Checkout
It provides users with a better way of handling the online transactions. No monthly or gateway fees, no fee deduction for buyers. The fess they get is (1.9 % + USD 0.30 )/transaction based on the monthly sales quantity.
Pros: More secure, good customer support, works on email only.
Cons: Google is a giant with more information about us already and so further sharing of sensitive information could back fire us.
There are other means of payment services like Amazon Payments, Revolution Money Exchange, MoneyBookers, DigitalRiver, etc. But though, PayPal with lot of customers up its sleeves and excellent services is likely to outscore others.
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on Sep 10th, 2011
@ 7:14 am:
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on Sep 10th, 2011
@ 3:14 pm:
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on Sep 11th, 2011
@ 6:44 am:
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John
on Oct 30th, 2011
@ 5:40 pm:
PayPal is screwing up its shipping tools – it no longer automatically updates with tracking numbers, and important shipping options (large parcels, etc.) are now gone.
There must be better alternatives now – Paypal is just making it hard to do my job, which is the opposite of what they should be doing.
Maybe their stock will drop 50% like NetFlix’s once people figure out how screwed up it is now. I hope so.