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paypal, moneybookers.com - what options do i have?

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  1. #11

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    Quote Originally Posted by shri
    East Coast: have not tried skrill. What is their "know your customer" process like for setup?

    I was really not happy with how intrusive moneybooker's process was - wasted too much time with them.
    Will have a look later. But first 2 screens seem pretty standard.

    The issue seems to be the government being asleep at the wheel and not setting up a simple regulatory framework to enable new entrants to operate in a transparent and fair way. Other jurisdictions now have many options such as Stripe, Wepay, Paymill which all seem to offer hassle free services.

  2. #12

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    Quote Originally Posted by 100LL
    Nowadays online vendors also started to integrate Bitcoin (Dell, Microsoft, Overstock.com, etc), so while you are at it might as well have a look.
    You are probably correct that Bitcoin will grow as a payment method but at the moment it seems to be a geeks currency for buying stuff. It should probably not be treated this way and just seen as another payment method alternative to credit cards and paypal.

  3. #13

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    Western Union is secure for the seller, but not the buyer. It just has that very negative image, plus it's VERY expensive (to the buyer).

    I used skrill (former moneybookers) in the past. It works. Fees are similar to Paypal. There is a withdrawal fee (Paypal has none). Compare to Paypal about 0.1% of customers did chose Skrill. I think for an online Store you can easily survive just with Paypal.


  4. #14

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    Does stripe not work in HK?


  5. #15

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    Quote Originally Posted by cookie09
    Does stripe not work in HK?
    Not anytime soon. I've been on their "sign up to be notified about your country" list for at least 2 years now and have not received any updates.

  6. #16

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    Quote Originally Posted by cookie09
    Does stripe not work in HK?
    Keep an eye on Braintree..... They might come soon.

  7. #17

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    Quote Originally Posted by flameproof
    Just a note, under no circumstances I would put Western Union under 'accepted payments'. WU is very often used by scammers and simply offering it might get you already black listed.
    Quote Originally Posted by shri
    Western Union as pointed out by flameproof, is not secure.
    How woudl that not be secure? As vendor you try to avoid chargebacks, right?

    Now if you have an order for HKD 10,000 from some potential customer in a high-risk place, you would probably not want to accept their credit card or PayPal no matter MasterSecure or PayPal verified and all that. The policies don't protect you from a chargeback. Ask them to pay via T/T in advance or Western Union, problem solved. Both have no option for the fraudster to do a charge back.

    We used to accept Western Union as fallback method along with T/T for anything that was high risk. In today's term, think of a luxury smart phone that somebody from South America, Kuwait, or Nigeria (lol) just wanted to order from you online. Most of the orders would go nowhere of course, but for such high amount transaction even if only 3-4 per month are legitimate it adds up.

    We had something setup with Western Union that would automatically get mailed to us so we wouldn't need to go to the branch. Took us long to setup internationally. WU Quick-something? It's been a long time.

    Of course it doesn't make a lot of sense for selling books online, if you'd get a high risk order from Nigeria you'd probably just cancel it, but I don't see how offering this would blacklist you anywhere? Who would be blacklisting you and why?

  8. #18

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    Quote Originally Posted by shri
    With bitcoins, there is a huge barrier to entry depending on what products you sell, margins, support in normal shopping carts and secure exchanges.
    Quote Originally Posted by East_coast
    You are probably correct that Bitcoin will grow as a payment method but at the moment it seems to be a geeks currency for buying stuff. It should probably not be treated this way and just seen as another payment method alternative to credit cards and paypal.
    Bitcoin (as a payment method) seems to be moving out of the geek currency era it seems. This week Morgan Spurlock aired a 45 minute Inside Man about Bitcoin.

    There is no need to do the Bitcoin thing and exchanges by yourself. BitPay and Coinbase etc they do all that for the vendor. Customer pays in USD or Bitcoin, and vendor gets USD or Bitcoin. It all happens at the moment the customer pays, so there is no currency risk involved as far as I understand it. In other words, they offer USD to USD with BTC in between.

    Why (except of Spurlock talking about it) I say it moves out of the geek era? Some of these companies are raising a lot of money from the right people lately. To name a few out of many examples, Coinbase first raised $25M from Andreessen Horowitz (Mr. Netscape) and his venture capital firm, and lately another $75M from the NYSE company, Citigroup CEO Vikram Pandit and ex-Thomson Reuters CEO Tom Glocer. Horrowitz also says Bitcoin today is the Internet before 1997.

    Bitcoin's Biggest Investment: Coinbase Deposits $25 Million From Andreessen Horowitz - Forbes
    http://www.ft.com/cms/s/0/b6f63e4c-a...44feab7de.html

    Here in Hong Kong, Bitspark lets domestic helpers remit money back home using Bitcoin, without actually knowing anything or caring about it. HKD in, local curency on other end out, within minutes, and for no fee (they add their fees in the background of course I assume with the exchange rates etc). It happens in an instant and nothing is stored in Bitcoin, so the notorious Bitcoin/USD fluctuation risks driven by the speculators and ponzi schemes we read frequently seem to be low. Bitcoin is basically just used as a remittance instead of the banks or WU that charges and arm and a leg.

    Bitspark Enters Hong Kong's Remittance Market With Bitcoin Solution

    While the shopping cart integrators are not completely free and still learning (KYC etc) they are also progressing fast. PayPal is also toying with Bitcoin, they might have realized that there is a lot of momentum and similar to MP3 there might be no stopping it.

    https://www.paypal-community.com/t5/...cy/ba-p/828230

    As a tech geek, I like what I am seeing with block chain technolgy. As former vendor and frustrated bank hater, I like being freed from the companies that have us by the balls on a daily basis. Bitcoin might just be the first of many, or the blockchain we have today might keep evolving to bring us more services similar to Bitcoin (smart contracts and all that).

    But apart from going with the times and integrating it as fall-back currency or just to have it, as EC mentions to have it as alternative method, I wouldn't overrate it also in the case of having a shopping cart integration. Probably not even straight forward getting setup with the processors (KYC, Hong Kong, etc) and noth worth it given the low volumes. But surely something to watch or play around with IMHO.
    shri likes this.

  9. #19

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    Bitcoin will be legislated against as soon as it tries to become more mainstream. The powers that be have a vested interest in controlling the flow of money - for legitimate (fighting organized crime, terrorism, tax evasion) as well as illegitimate (information, power) reasons.

    KYC will kill Bitcoin as the exchanges are forced to go through the same hoops as banks do know, plus requirements on reporting large transactions etc etc. Then you'll start seeing minimum capital requirements too, plus they'll have to abide by the same regulations as banks... and they'll be a bank.

    I really can't see any other way this will work out.

    East_coast and shri like this.

  10. #20

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    Quote Originally Posted by 100LL
    How woudl that not be secure? As vendor you try to avoid chargebacks, right?
    WU is not secure for the buyer. It's rather anonymous too, plus very costly. With TT you have at least the receivers data.

    As an online seller I would typically avoid all high risk areas. High risk is usually stuff that can be resold easily. Mobile phones are very high risk, notebooks too. You can still use Paypal, but read the sellers protection terms very carefully.

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