Hi! After further investigation I have decided paypal is not an option. I don't have enough money to open a merchant account,So i've narrowed down my choices to either 2co or moneybookers. ok, will these details be sufficient for verification to either of these Co's? name address bank bsb or swift code bank account number credit card number(visa debit card..which acts like a real visa but uses funds from my bank account,instead of credit) a copy of business name registration certificate domain certificate/registration valid email (selling downloadable products/web design service..which i know both offer. ) I've just read on the 2co site that verification is just after they deposit money to tell them the code on the statement.. Is this the same for moneybookers? Am i missing anything in the validation/verification+sign up process with either of these providers? I've got nothing to hide,but i am concerned about my own security of my details. Is there anything else they do in the verification process I haven't included here? Can i set it up so payments from clients can pay me installments through the shopping cart i intend to use(zencart) Comments from those using these two processors are greatly welcomed. I've been reading too many threads with information everywhere,and threads getting sidetracked. I feel a bit lost also,zencart does support both moneybookers and 2co right? green rep to those who help me constructively... thanks, arcanus
Yes, 2checkout just require you to pay the setup fees of US$49 and you be set. As for Moneybookers, the basic verification is the address verification, they will send you a letter with some codes which you need to enter in their system to be verified. You may be required to verify your credit card (by entering the amount they charge your card in local country) and add a bank account. I believe you may need to make your first bank transfer deposit so as to verify the bank account. With each verification, the trading limit goes up.
so the only requirement with 2co to up trading limits would be the bank confirmation after paying the $49 fee.. moneybookers looks more complicated..but simpler than paypal! lol moneybookers-when you say add a bank account, is that a 2nd bank account on top of the first?(unless at registration you don't enter details straight away-which i wouldn't have a clue on) Do you happen to know what the trading limits are at each step? Any limits with 2co? I did read on 2co you let them know beforehand how much you expect in sales..which i'm not even sure where to start..first month or 3 could be low..
2checkout is just a one way straightforward payment processor as in, your customer pays you and at the end of the period, 2checkout sends you the money. So as far as you are concerned, there is nothing much to verify on your end. The reason why you need to add a bank account is so they can sweep your earnings twice a month into your bank account. It is not so much verification. As for moneybookers, when someone pays you, the money goes into your moneybooker account which you can either use to pay someone else or withdraw to your bank account. It is more like Paypal in a way. The only thing is that your customer needs to fund their moneybookers account via credit card, bank account or wire transfer before they can use the account to pay someone. It is more a 2 way paymet system. You do not need 2 bank account, if you added the initial one at the time of sign up, that is good enough. I am not sure what the trading limits are at each step because I had all verified pretty much at the same time. And besides it would be in local currency if your country is one of the countries which they deal in local currency which Australia is one https://www.moneybookers.com/app/help.pl?s=fees , everything would be in Aussie dollar. I am from Singapore and this are my numbers Hope that helps.
Thankyou. Eddy! I'll give you green rep when i can,its telling me i gotta spread it around a bit more..lol. I'm clearer now. I think i'll offer both methods..that way hopefully my customers might use each method evenly.. I went to xe.com > 7,218.83 SGD=5,748.11 AUD Thats not to too bad,at least to start with. My first month i'm expecting to make anywhere from $0-1000...(here's hoping!)..and hopefully a steady but growing level..after that.. Ok,so i can see how 2co is a built in merchant account now(with their holding of funds,and forwarding to your bank account monthly) I'm considering using escrow.com.. Anyone else know what the trading limits are at each step,or between personal and business/merchant accounts,including extra verification procedures? thanks. Arcanus
No worries about the reps. I think I got enough of those Of course, the more payment options you have the better but in my experience, the majority can do and will do credit card. Personally, I find Moneybookers troublesome. I am glad that I am from Singapore as I can fund it through my credit card or directly through my bank using eNets (ETF). Those from the US cannot use the bank account and must fund through wire transfer or credit card. You know the whole long process can put a damper to the mood. Most people wants instant gratification.
yep,thats whats bothering me too,i want to offer customers knowledge they can instantly download products and pay..i might use payloadz too..if thats compatible with zencart..I might offer direct bank deposit. setting up a merchant account is too much work and cost too much for me. Maybe i will later when i've been freelancing awhile. What do you mean those from US cant use the bank account? And what's troublesome about moneybookers?
If you check the list of Moneybookers local currency country at http://www.moneybookers.com/app/help.pl?s=fees , at the Upload Funds column, you see that for US, it is all blank. Unlike the other countries which they allow wire transfers and the other supported upload method. Unlike Paypal or using a credit card, for someone to use Moneybookers, they first have to sign up for the moneybookers account then go through the verification process and then upload the funds they need to pay you to their moneybookers account. Once they are done with that then they can buy from you. Moneybookers does not allow the credit card pass-through method like Paypal. For credit card or paypal, they can just go to your site, take out their credit card and pay. Once your payment processor verifies the transaction, they get what they order right away. Yeah, I am from Singapore and if I do get a merchant account here, all the bills will be in Singapore dollars and my customer base is in the US, so they will feel weird paying in Singapore dollars. So I do resort to 3rd party payment processors myself so I can concentrate on the selling and the payment processor worry about collecting money and all that.
thanks for clearing all this up for me.. I think i'll offer escrow,moneybookers,2co for overseas buyers..and australian/word of mouth customers probably direct bank deposit.