KAZEY JOURNAL

Payment processors play an important role in the world of E-commerce. It is either you are using it to pay for a product or service or to get paid for offering a product or service. Whichever position you find yourself, you are left to do the worrying, on whether the payment processor you are using is worth using or not. Security, Reliability, and Support are primary concerns in decision making.

The method normally been chosen by the online public, depends also on certain factors, which is normally brought about by the restrictions set by the processor or payment gateway. This restriction is generally determined by the laid down regulations sometimes call terms, that governs the existence of the processor.

I have been opportune to use a lot of payment processors either at the receiving end or from the sending end, be it for pleasure or for business. So, I would say I have the prerequisite to give feedbacks to the services been offered by the processors I have had the opportunity to use.

The payment processors I have been opportune to use are Paypal, Emocorp, Stormpay, 2checkout, E-gold and Moneybookers.

Paypal.

http://www.paypal.com

Official Profile:
PayPal is an payment processor, which allows the transfer of money between email users and merchants, avoiding traditional paper methods such as checks/cheques and money orders.

My Feedback:
Paypal has a very good system that does a very good job, in the areas of conflict resolution and also client support. They do not have a global coverage, and their verification system is quiet impressively done.

For Malaysian customers, they allow you to verify with your credit or debit card issued by a bank. Verification is free, but requires you to have 1.98USD for the verification process, whereby they send you a code via your billing statement and reimburse you when the verification is done.

Their charges are very low compare to many processors out there that allow you to accept credit cards, besides the well supported shopping cart APIs that comes as a bonus.

The only problem I have with Paypal, is withdrawing my funds from Malaysia. Paypal does not allow Malaysian clients to withdraw even though they cover the region and patronage from the region. This also considering the fact their sister site ebay has a Malaysian coverage too. I am not sure what the reason is, but I guess they prefer Malaysians to spend the money, but there are ways to withdraw, although quite cumbersome.

Emocorp

https://emocorp.com/

Official Profile:
EMO Corp. provides unique solutions that allow businesses and individuals to conduct Internet-based monetary transactions. EMO’s high-tech approach provides a truly secure and affordable means to send money to anyone, anytime, anywhere – electronically. EMO’s patent-pending Print Your Own™ technology allows consumers to print their own money orders, payments and rebates on standard plain paper printers.

My Feedback:
They are quiet well featured considering their services but they have a slow response time in regards to support.

Their verification process is quiet cumbersome too. They require you to scan your utility bills and also fill a form and send to verify your address. There have been recent rumors of accounts being hacked. The rumor claimed that their accounts were emptied due to one of their features which allow the customer to withdraw directly to e-gold. They are said not to be helpful in regards.

Owing to the rumor, which I actually bought, I refrained from using their payment processor any further. I do not have extra funds to share with hackers.

Stormpay

http://www.stormpay.com

Official Profile:
StormPay Inc. is an online payment system, which allows anyone with an email address to send or receive payments. Founded in October, 2002, StormPay Inc. has quickly become an Internet leader in online payment processing by offering customers and vendors alike, a safe and secure method to do financial transactions across the Internet, while reducing the risk of exposing your financial information.

My Feedback:
They are well known amongst High Yield Investment programs, although I used them to accept a credit card payment that was rejected by 2checkout for reasons best known to them. Their charges are quiet high but they protect their customers quiet well. Their support staffs are quiet helpful too, they have shopping cart scripts that can be customized to meet your requirements too.

2Checkout

http://www.2checkout.com

Official Profile:

2Checkout.com, Inc. (2CO) is the online distribution center for over 300,000 tangible or digital products and services. 2CO’s proprietary technology supports back-office functions including financial reporting, tracking, fraud prevention, affiliate tracking, customer service and sales tracking.

My Feedback:
I would classify 2checkout as the favorite payment processor amongst web hosting companies. It is well known for its recurring and speeding transaction process. It also has a very professional anti-fraud system in place. Nevertheless there have being situations whereby they terminate accounts without responding to support. I use them and so far I don’t have regrets, although they have angered me twice or so for canceling transactions that weren’t fraudulent in nature. They also have customizable shopping scripts and APIs.

A drawback with using their system is that, you have to use them for six-months or so, to be allowed to use the regular withdrawal feature once your funds reach a specific release amount. My Release Level is currently 300 USD and Reserve Level is 5.00 %. So yes, your money is tied down too.

E-gold

http://www.e-gold.com

Official Profile:
E-gold is a digital gold currency operated by Gold & Silver Reserve Inc. under e-gold Ltd., and is a system which allows the instant transfer of gold ownership between users.

My Feedback:
The beauty of the system is the fact that the value of your funds fluctuates with the value of gold in the market. It also allows you to operate in anonymous mode, and have being a nest for fraudsters of recent. This even led to its premises being raided and investigations are still in process.

They have been also cases of accounts being hacked although they have a very sophisticated security system called “AccSent”. AccSent empowers you to restrict browser access to your account to a single IP address (or range of IP addresses) and/or to a single web browser based on settings you can configure to best meet your needs – simply log in to your account, click Account Info, and scroll down to AccSent’s browser access settings. Very few people use the feature and hence such fate is imminent.

I actually would love to see E-gold as the widely acceptable payment gateway, because of the fact that the value of your funds are fixed and their transactions fees are very low.

Moneybookers.

http://www.moneybookers.com

Official Profile:
Moneybookers is a payment processor that allows people to send and receive money via e-mail. Users can send money from a credit card, or transfer money to and from a bank account. Moneybookers is free for sellers except for a flat fee to withdraw funds by check or to bank account. Moneybookers does limit income received by accounts to the thousands of dollars.

My Feedback:
I only used them once and my experience is not that pleasant. I ordered for something using my credit card to pay for a product and they didn’t approve the transaction. They ask me to send down the faxed front and back of my credit card which I did. Thereafter they did approve it but after like 2 weeks or so.