lammergeiernet
Joined: 01 Feb 2005
Posts: 1007
Location: Canada
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| Posted: Sat Dec 24, 2005 5:02 am Post subject: Opinions from the field ,Tested Payment Services |
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Hello folks
I go by the handle on eBay as "lammergeiernet" , traded on eBay since 1999 , a modest sideline trade got me to Bronze seller status few times back when eBay was less hostile to the small dealer.
Well with the recent news about Bidpay may be going under I wanted to contribute my own opinions on several payment alternatives and chip in on the content of the Powerseller forums.
I've asked questions before ,mostly on services I was using to get other opinions ,now I will voice my opinion on them after testing them.
Some of them I had accounts for a long time ,some of them I had accounts back in the day and have returned to them after seeing they are still running and in good standing.
I've noticed on this board not many follow up's ,and a few shills for "Fly By Night" operations by one time posters.....and not many updates on how services stood up overtime or if people are still using them
Well this is my review on services I have used overtime with some luck ,only my opinion and my history of using them so proceed with your own caution.
First of all Bidpay was pretty good despite its faults and sorry to see it go
Of those remaining these have not done me too wrong so far (paypal has made the list barely)
-Hyperwallet-
A Canadian payment system thats pretty chummy with Canadian Banks ,and featured in many Canadian Online Banking "Payee Lists" so its pretty easy for Canadian online banking clients at main branches to figure it out. It was promoted by eBay.ca as the alternative to "Paypal" before Paypal was snatched up by eBay and conquered its eBay.ca niche. Since then Hyperwallet has had continual falling out with the big ole Feebay.
Ironically it seems its number one use ,despite all its features ,is as a fast way for Canadians to upload their funds to Paypal !??! :roll:
Pro's?
Its been around for longtime , its of great use to Canadians ,of some use to cross border Americans, you can hold USD funds without many of disadvantages of Paypal currency exchange.
Con's?
Not many total users ,and limited use to USA without prior Canada connections.
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MoneyBookers - the famed British/Euro alternative to Paypal ,very friendly for the Europeans ,somewhat friendly to Americans ,not so much for Canadians. As name hints its far more popular as way to fund online gambling then auctions but if you deal with EU alot its may be worth your time.
Pro's
Very Reputable , better protection and world coverage for sellers compared to Paypal and despite its own quirks seems to be a better service in general.
Con's
Better know your Banks Policy and be from optimal country before you attempt transfer funds from your bookers account to bank account in small amounts. Fee's may be high and a problem.May be limited to fairly big transfers its not great for the micro-biz. Also unlike Paypal you can't hold funds in more then one currency ,and can't switch it once start collecting funds in your account. Doh !
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E-Gold
Ah yes the infamous E-Gold ,its actually been around a longtime and has a reputation thats undeserved.
Its the scoundrels that take advantage of it then the service itself. If online auctions have a bad reputation then E-gold has such bad reputation. That those two factors combined is equal to trying to hand flyers out on street corner wearing a Ski-Mask and a black trenchcoat.... can we say reach for the can of mace :cry:
Still if its not banned by the site you list on , if its offered in a discreet fashion and you have a well established reputation then it should be "NO Problem" and have access to its growing collection of goldbugs and international arms dealers (hey they have to buy beanie babies for their wives too!) but a huge mistake to offer it as an option if you are just starting out.
Pro's
Been around a long time,backed by real gold ,rare for chargebacks and the most chic way to purchase that used North Korean minesweeper you've had your eye on when summering in the DPRK.
Con's
People may suspect you are a scammer,you have to be very wise on selecting a funds exchanger to avoid being scammed yourself , Do your homework !
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Paypal
What can I say ,it kind of sucks to have it ,can suck as bad not to have it :(
Chargebacks ,poor service,clips people on exchange rates,freezes accounts ,Fee's are better then most but still no picnic.
Still for alot of us that avoid having merchant account ,it may still be a great stepping stone
Nearly a must have on feebay as it remains obscenely popular for now.
Will only get more popular as it has a near monopoly for online payments with the reported fall of Bidpay.
I've had only a few bad incidents on Paypal and still use it ,but we all know people that have had wretched time with Paypal.
Pro's
VERY popular ,fairly easy to use ,fairly good service,Ok fee's ,good way to startout
Con's
Bad seller protection, too popular ,alot of bad policy's and service,you may quickly outgrow it ,Paypal is alot easier to live with and cozy when it does not dominate all your trades.
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Quick Version?
Hyperwallet is good for crossborder dwellers ,Money bookers is best for spending profits on horse races outside Gatwick ,E-Gold if can wear a scarlet letter in public without blushing then its ok, Paypal is still king of the block but not for right reasons.
*Disclaimer* Just my opinion ,so far so good,all of the above are fairly well known and conservative choices.Do your homework ,some policies may be a big hassle depending on nature of your biz or location or the laws of your country!
I had to reopen my e-gold account after discarding the first one years ago but all the others I have had for sometime now.Paypal being the most popular by far and a mile and the only reason I can still reccomend it for now.
Google Wallet can not come soon enough ! Bidpay will be missed :!:
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