posted on January 2, 2001 05:36:35 PM
I just read about this payment service at someone's website. Does anyone out there use it? Know of any problems? I'm looking for alternatives to Paypal and ExchangePath.
posted on January 3, 2001 10:33:03 AM
Moneyzap is in my opinion, the safest credit card payment service. They actually verify the buyer when the first payment is sent. The drawback is that there is a 2 day waiting period while this verification takes place. If they cant contact the buyer, the payment is cancelled. I'd rather have this happen then receive a payment and have it taken back a month later, after I've already shipped the merchandise, because a stolen CC was used. The problem of fraud is very high with Exchangepath and happens occasionally with Paypal and Paydirect. Western Union claims that they have never processed a payment made with a stolen CC due to their verification. They also have a toll free customer support number which is manned even on Sunday night. Right now it is free.
Bear in mind that ALL of these services will eventually charge fees. If you are looking for a free ride, be prepared to keep removing different services from your site and closing accounts regularly until you run out of services. You get what you pay for (and in Paypal's case, not even that.)
posted on January 3, 2001 01:29:42 PM
Currently there are no fees. Moneyzap told me that they plan on charging fees at some future time. If the seller sends a request for payment, the seller will pay the fee. Otherwise, the buyer will pay the fee. This means that the fee can be shared. Assuming it is 2%, the seller can send a request for the amount + 1%.
Achex said that they *may* charge a fee at some future point if someone does more than 30 transactions a month. But since they are using the ACH system and not credit cards, they are not pressured to charge since they only pay about 20 cents a transaction. Currently they are making money on the float and on partnerships with other vendors.
With the possible exception of Achex, ALL of these services will be charging fees at some point. Your concern should be to pick the best and most reliable service, not the cheapest one.
posted on January 3, 2001 01:52:52 PM
Now I really like that idea of the buyer sharing the fees! Thanks for the info yisgood (and others). I believe it was your website that I originally read about MoneyZap. Thanks for putting your time into that website!
posted on January 3, 2001 01:55:57 PM
MoneyZap also freezes all the assets in your account and your trading partner, if they suspect fraud on either side.
posted on January 3, 2001 01:58:26 PM
Ecom: Where did you get this information from? I had a long talk with several Moneyzap folks. They told me that with their verification process and contacting every single payer when the first payment is made, they have NEVER had a fraudulent payment go through. I think you are confusing Moneyzap with Paypal and/or Exchangepath.
