E-Money, or electronic money, is swiftly gaining popularity as one of the most straightforward ways to transfer funds over the internet. It doesn't necessitate any complex software and allows the transfer of digital cash to anyone possessing an email address. Major players in the banking industry, such as Bank One and Wells Fargo, as well as numerous smaller firms, are part of this growing trend.
Primarily, E-money is designed for the exchange of funds between individuals. However, many E-money service providers also allow commercial transactions for a nominal fee. These transactions can range from limited payments to children or college students, to small monetary gifts. The transaction amounts typically range from $250 to $1,000 per month. E-money technology can be utilized to pay someone or collect funds from someone who owes you.
Setting up an E-money account is a straightforward process. Once your account is established, you can send an email to the recipient, who will then be guided on how to retrieve the funds or pay you. If the recipient is not a member of the E-money service you are using, they can simply open an account to access their money.
Payments can be made using your credit card or offline bank account. Converting E-money into actual cash is as easy as requesting a check or using your ATM card.
PayPal accounts for over 10% of all internet-related financial services traffic. As the world's largest online-based payment service, PayPal allows secure online payments between individuals and businesses. With a customer base of over 6 million, one of the significant advantages of PayPal is its accessibility from PCs or web-enabled mobile phones. Here's a brief overview of PayPal's services:
ProPay does not require your client to join before you get paid. One of the benefits of the ProPay system is that you can directly charge credit cards for transactions, without the use of an account.
The Ecount system allows you to shop anywhere online where MasterCard is accepted, and you can also email cash payments to nearly anyone. Additionally, you can access your cash via ATM machines and accept payments from any major credit card.
Emoney Mail, powered by Bank One, allows you to use your Visa credit card or your checking account to send money to almost any email address. You do not need to be a Bank One customer to use this service.
Billpoint, eBay's preferred payment service, allows transactions to be paid for using MasterCard, Visa, check, or Discover.
E-money services enable anyone to send or receive cash and conduct online transactions without the need for a merchant account. Moreover, many shopping carts are incorporating different E-money services as a payment option. The services mentioned in this article are just a few of the E-money service providers available. For a comprehensive list of virtual cash services, please visit www.youronlinebusiness.com/emoney.htm.
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