PREFERRED PAYMENT METHOD IN THESE TIMES?

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PREFERRED PAYMENT METHOD IN THESE TIMES?

Postby Graz on Tue Aug 31, 2010 3:21 am

The cost of transactions can be expensive these days, as can the irritations of admin. Bank tt's that go missing, still taking the same time as 30 years ago, credit card merchant fees, variable and dishonest foreign exchange fees/rates, and the piles of associated admin. So much admin for relatively few transactions...

1) I wonder what do you guys use mainly for transactions?
2) What do you trust most for making a payment?
3) PAYPAL Specifically - do you trust it for international transactions?
4) WIRE TRANSFER Specifically - do you trust them for international transactions?
5) VISA or MASTERCARD Specifically - do you trust them for international transactions?
6) Western Union Specifically - do you trust them for international transactions?
7) If in small business - what would you say is the best single option, and why?
8) If you would qualify something as "safe for transactions under/over" amounts - please qualify?

I am ever keen to cut down on admin, leaving me free to develop and make product. The world seems to be headed in the opposite direction! Time to counter the motion.

Curious as to your opinions - if in business for yourself please detail this in a reply!


Curious - Graz
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Re: PREFERRED PAYMENT METHOD IN THESE TIMES?

Postby joseph on Tue Aug 31, 2010 4:52 am

Graz wrote:The cost of transactions can be expensive these days, as can the irritations of admin. Bank tt's that go missing, still taking the same time as 30 years ago, credit card merchant fees, variable and dishonest foreign exchange fees/rates, and the piles of associated admin. So much admin for relatively few transactions...

1) I wonder what do you guys use mainly for transactions?
All of them
2) What do you trust most for making a payment?
Wire transfers
3) PAYPAL Specifically - do you trust it for international transactions?
No
4) WIRE TRANSFER Specifically - do you trust them for international transactions?
Absolutely - but very important to understand the vagaries of the Fedwire ABA system (9 digit numeric), SWIFT and IBAN. They work differently and can cause a bit of confusion if you cross continents. I can send you a very useful set of links with ABA and IBAN information for different banks.
5) VISA or MASTERCARD Specifically - do you trust them for international transactions?
Yes.
6) Western Union Specifically - do you trust them for international transactions?
Ridiculously expensive.
7) If in small business - what would you say is the best single option, and why?
Wires. Least cost for making payments, usually no cost for receiving payment. The problem is most people muck them up and the transaction goes into a suspense account, from which it is a BITCH to retrieve.
8) If you would qualify something as "safe for transactions under/over" amounts - please qualify?

I am ever keen to cut down on admin, leaving me free to develop and make product. The world seems to be headed in the opposite direction! Time to counter the motion.

Curious as to your opinions - if in business for yourself please detail this in a reply!


Curious - Graz


I will dig up the links and email them.

Online banking can solve a lot of the headache if you use a decent Bank with a feature-rich online platform. Get to know your Branch supervisors and treat them like royalty.

All the best,

Joseph
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Re: PREFERRED PAYMENT METHOD IN THESE TIMES?

Postby joseph on Tue Aug 31, 2010 5:03 am

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Re: PREFERRED PAYMENT METHOD IN THESE TIMES?

Postby Vansloneker on Tue Aug 31, 2010 6:47 am

I prefer bank transfers aka wire transfers. Low cost never a problem. What joseph said, you need understanding of IBAN. In Holland most people use internet banking and it's hard to mess it up.
For home payments we have a great internet payment system: iDEAL.
I get the impression particularly the US still lives in the middle ages and has no established bank transfer system.
Paypal: no way.
Visa/MC: to bad about the fees but in my situation it worked out good -with a little help from my friends...
Western Union: what joseph said, ridiculously expensive, complicated, fraudulent friendly, I would not use that, no way.
Basically I reject 3rd party payment involvement other then my bank.
poor guy
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Re: PREFERRED PAYMENT METHOD IN THESE TIMES?

Postby sea-speak on Tue Aug 31, 2010 4:06 pm

The US options are improving. I bank with Chase and they now have an online/mobile platform that allows me to deposit checks using my iphone (no more bank trips), send wire xfers using my mobile phone, and send person to person (p2p) payments using the recipient's email address. I am writing a lot fewer checks now.

Fiserv is one of the two large providers of outsourced bank processing platforms (the other is Fidelity Natl Information) -- Fiserv has just introduced its Zashpay P2P system that allows money transfer using only an email address or mobile phone #. You can use it in the US even if your bank isn't signed up with Zashpay -- just go to the Zashpay website.

So far these systems are domestic only and have a limited xfer amt (Chase limit = $2000) but change is coming. And wires still work well for large/intl amounts.
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