What are the Payment Processors
Payment Processors is the most familiar terminology for the people who are trying to or making some extra cash from the internet. Majority of the us does not know much about because we never took so much headache to. We never knew where to start because we were never pre-taught to earn some fast. It is all because we are never guided by our mentors. Mentors are sometime miser when they guide about What are the Payment Processors. Because it is quite complex thing particularly when to explain with the newbies. As suggesting is quite risky hence they skip that one.
Some online money makers of the region inspired me as I was having zero knowledge earlier. Resultantly, I joined some money making programs whether they were legit or scam. It was really embarrassing situation when i was asked to submit some details of online accounts or E-Wallets. Then I have to decide to do what?. Skip or learn more about them.
Skipping will result into fear and we might feel that this topic was either much complex. Hence learning was great. In this way, we have deeper understandings. And we will be in better position to know whether any program fall under the criteria or not. Learning here will be also useful as we will discuss these terms so often. If you do not have the prior knowledge then you might get puzzle.
Need of the Payment Processors /E-Wallets:
As bartar was a great trading system among the traders and merchants before the introduction of money in shape of coins or currency notes. It was the great way to exchange goods/services with others . At that time people with less skills were also not able to get some goods. On other side majority people were not having stores, faced lots of the crisis. Later on coins and modern shapes of the currency made it easier for people to sell their products and evaluate the actual price of the product/service.
These all are the offline methods of money/assets exchange. But with the integration of internet everywhere, it became the biggest problem to exchange money online. Offline methods to transfer money hijacked online activities because there wasn’t any online methods to send money online. This method was containing risks and scam. As the offline banks are having timings and slow procedure to send money. It is all because the money is cleared in long steps. But Internet is not limited to our offline banks because of its 24/7 availability.
Some developers with the tech/economic background realized the issue and they started websites that processed money online. Now, users had the platform to make and receive payments online. After that many freelancing websites appeared on Internet. In this way people were able to sell their services and exchange funds online in more secure way. New functionality of refunds has made the payments more secure.
Hence what the Payment Processors exactly are.
Payment Processors are a platform for the users and merchants to exchange their funds freely with security in reliable ways to third parties. This not only helped users from scams and time wasting formal payment transfer methods. But also the organization, Freelancing and outsourcing platforms to pay the workers in more efficient way. In this way contractors can hire any freelancer online at cheaper rates to do a specific task for him/her.
The History of Payment Processors
At that time Payment processors were not so much easier to have and manage because managing an E-wallet costed money. Just like lockers in the banks, you paid for the fund capacity in the Online Bank Account known as Payment Processor. Also the online money was online. You were not able to withdraw money to banks as things were weird to govt. authorities.
At that time security was another concern. Most of the time, their databases were hacked and people ran out with the funds. Later they tackled the issue by adding some security features. Then they promoted the Payment Processors. People were hesitating as they were charging too much to signup.Developers also realized the issue and decreased the rates.
How to Signup with Payment Processors for Free
As majority of the programs have given up the signup fees, hence there is no money at hand required to Signup with Payment Processors. Just choose the program like Payza, Paypal etc. and visit their website and click the signup/register button. Registration form will appear when you click the said button. I hereby strongly advise you ti have extra security layers and strong security passwords/features because your all beloved and hard money relies on that.
Every payment processor has different fees according to their services. Some E-Wallets demand money to despatch credit/master card to your mailing address whereas some of them despatch for free and deduct fee per annum. Payza and other E-Currencies doesn’t require any such fees as they deduct processing and other fees when you transfer your money.
How to Deposit E-Currencies in Payment Processors
If you are an online money maker then you might not use this feature. But if you are some kind of employer, contractor, making online bets in casinos or want to shop online then you will surely look for this. There are many methods to deposit money.
Credit Cars/Debit Cards: The procedure involved as same like any premium subscription or metro card recharge. You just add info of your debit/master card and money will be yours as per protocols of repository of the card. E-Currency account will update itself when funds deducted (excluding processing fee from both sides) will be debited.
Money Exchangers: Nowadays there are many exchangers online that makes it easier for you to exchange money online. They do it for the commission. Some of them are official and most of them are non-official. Payment processors mostly list the Official money exchangers on their official website.
Bank Deposits: Bank deposits is another way to have some cash in the Wallet. It is bit expensive if you are going to deposit a small amount. If you are going with big amounts then it will be ok.
Friends: If you have some friends that are having funds online and wants to withdraw then you must them locally and get same amount in your wallet. In this way, you both will be a friend in need is a friend indeed.
Earn Money Online: In Asian countries it is never encouraged or appreciated to deposit money into online accounts . I also do not like to do so because there are lots of transfer charges and fees involved. I always look for some Cool Money Making Programs to fund my wallet. If you are looking for such then I might suggest you.
Coupons: Giveaways and publicity schemes comes up with the coupons. These are for marketing but still useful.
Referral: It is always wise to have some referrals to earn money online via Payment Processors. It is long topic in itself therefore it is not wise to cover this brief aspect in single subheading. Therefore I will relate later.
Legal Issues related to Payment Processors
There are many countries that do not encourage such practices. Depositing money or withdrawing money not only affects us but also the economy of the state, therefore central banks implement policies time by time. Whether it is offline bank account or Online E Account, it is clear that no country or the wallet allows you to use their platform for illegal or prohibited tasks. Authorities might account you for your activities.
If you are curious about the security of the programs then your individual account might be vulnerable but not their whole system. Some Best Security experts protect them. Extra security like strong passwords and two steps authentication is strongly recommended in order to avoid any untoward disaster. Facilitation to the users is main behind the Payment Processors.. These have given the users with more freedom to their money. It was never been easier to withdraw small amounts without the E Wallets.