On the web payment process is a convenient replacement for making payments by cash or check. Online payment services are quite different since they do not require companies to have accounts with them to make a transaction or transact business. The payment process through online services is a lot faster and secure than traditional modes of payment. They use the secure electronic fund transfer system to settle transactions.
The services are especially popular among online auction sites and online stores. It has been around long enough to become accepted as a safe and trusted way of paying for online purchases. While there are many advantages of using an online service to conduct business, they do possess some loopholes and drawbacks that are occasionally exploited by unscrupulous elements.
The assistance use a very simple process to transfer funds. Buyers and sellers are required to provide the required information such as their own name, email address, checking account information and credit card details. Checking account information is normally asked for, confirming the identification from the user. To pay the seller, the buyer has to enter the valid email address of the recipient and the amount that is to be sent. In case the recipient is not the registered member of the payment company, they get an email that guides them to the process of claiming the moved funds. They are either paid by a check or the funds are used in their bank account.
Payment services charge their client a small percentage of the made amount as fees or services charges to take care of their expenses and overhead. These fees are less compared to what they would pay for utilizing a credit card merchant account. Another advantage is that these services can be used for making small payments over frequent periods for example customer discounts, commissions and satisfying affiliates.
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There are some drawbacks of the program. Many online service providers impose limitations on the number of transactions that you can execute on daily/weekly basis. Businesses that will exceed the limit imposed are required to pay premium charges or extra fees to continue doing transactions. In the long run, this can lower the profits earned with the business.
Online payment services are certainly not governed by the rules and regulations that are binding on federal institutions and banks. Consequently, they are not protected by federal deposit insurance. Such services provide their customers less protection against frauds as compared to credit card companies. For example , the most protection that online payment service provider PayPal offers for any fraud dedicated or for non-deliverance of goods is really a mere $200.
Online payment services are quick to freeze accounts of clients if they suspect fraud or some type of fraudulent activity in transaction. Resolving such issues might force the users into a legal tangle resulting in huge losses, not only because of revenues and goods lost, but also because of additional costs incurred within fighting the case legally.