To make money online, you will need to use an Online Payment System to receive and send money. These systems allow you to get payment from the online job companies and send it to others. You can also withdraw money from your account at the online payment system to your bank account.
There are many programs that you can use, but the best online payment systems are PayPal, which is the most popular one and used extensively with eBay, as well as Money Bookers and a few others. Most people usually sign up with PayPal; however, if it is not available in your country, Money Bookers is a good alternative, along with a few other reputable programs.
Send & Receive Money Online
These programs are very simple. All you must do is sign up and give your credit card number and bank account so that you can send and withdraw money. (Make sure you use a reputable online payment system such as the ones mentioned above because you do not want people to steal your financial information that must be given.)
Money is transferred via e-mail address. This means that your account is your e-mail address and to receive money, you give the person sending the money the e-mail address you used to sign up with the online payment system. The money will be sent to your account and you will be sent a message at your e-mail address. Similarly, when you want to send money, you enter the e-mail address that the person receiving the money signed up with and the money will be sent to him or her.
Signup Procedures
Signing up with these programs is fairly simple. You will need to give them your social security number for earning tracking purposes, your credit card number so that they can charge your credit card if you choose to pay with it instead of the funds in your account, as well as your bank account so that you can send money from your online payment system account to your bank account. Then you simply start to receive and send money.
Popular Payment Systems
The three main online payment system programs are PayPal, Money Bookers, and eGold. These systems take a certain percent of what you make. PayPal for example takes $.30 and 1.9%-2.9% on each payment you receive depending on how much money you earn monthly and what type of account you have.
The other payment systems work the same way. If you are going to sign up with an online payment system, I strongly recommend PayPal if it is available in your area. It is the most commonly used online payment system and most programs opt to pay via PayPal over the other programs. eBay also relies heavily on PayPal to help track payments.
If you cannot use PayPal, Money Bookers is a good alternative, but it is less commonly used as is the eGold program.
Withdrawing Money
You can withdraw fund from your online bank account whenever you need it. Some payment systems will give you a debit card so that you can withdraw fund from your account at any ATM machines all over the world. Some other systems allow you to request a check to your residential address. You can deposit the check in your local bank to convert it into your local currency. Very few payment systems support wire transfers in which you can withdraw fund to your local bank account.
Protect Your Account
To protect your account be sure to, not give anyone your password, use a secure e-mail address, be careful who you are sending and receiving e-mails from, and only participate in legitimate programs so this information does not get stolen. Also, try to use one of the payment systems mentioned below as they provide more security than other programs.
Best Online Payment Systems
- e-Gold - Global payment system with low fees and no charge back. If you want to withdraw fund from your e-Gold account, you may use omnipay to receive e-gold check via postal mail within 3-5 days. But it deducts some processing fee for checks.
- PayPal - Secured payment processor with low fees. But it supports only 56 countries. It facilitates money transfer to the bank accounts in US countries. Members from other countries can request check to their local address if their account balance is greater than $150.
- MoneyBookers - Recommended one. Low fees and international service. You have the option to transfer money to your bank account directly from your MB account. Bankwires usually take 3-4 business days to reach your local bank account.
More Resources
- Search for Online Payments Guide
at Amazon Store
Popular Articles
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