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Posted by Ben Keene
Dear Ben,
if I would have to fund a project like yours I would try a combination of several payment methods. Whereas every means of payment has its own advantages and disadvantages I would use the following combination for fast, efficient and not to expensive payments. There are several targets you can reach by this combination:
1.) The PAYPAL account and a bank account communicates confidence
At first I would refrain from using those really overpriced money senders delivering money right to your door respectively the next "agent". Not wanting to state and blame those companies - there is a market for small payments from expatriates/overseas workers to home but the commissions are two high for a more commercial use.
So I would start with a PAYPAL account which communicates trust and confidence due to their verification process. Payments out of them can only made to a real bank account and you get this in the most countries after showing that you or your organization is yourself. By a passport, a driver´s licence, a birth certificate, a residency permit and so on.
This PAYPAL account will enable you to accept payments worldwide. Only downside is their commission of sometimes more than 3%. Therefore you need a second pillar besides that accoung.
2.) Convenient payments from the EURO area
What most people outside Europe don´t know is that payments between European countries and made with the currency have to be billed like being a national payment. Therefore you can source payments from all over the EURO zone to one current acccount at a (larger) commercial bank in any of the EURO countries.
This will help you to avoid all those small payments respectively minimum fees charged by PAYPAL. Then you can transfer the amount once a month to the real bank account of your organization or make ONE larger transaction by PAYPAL.
3.) The same for payments out of the USD zone
Set up a current account in the United States. Then you can accept payments in USD without the converting fees and minimum charges for every single, individual payments.
These two current BANK accounts in the most important currency zones will give you access to the whole payment services. The additional means of payment (PAYPAL or moneybookers) will enable fast payments through their networks but also lead to a wire transfer to a bank account at a bank and not a payment provider.
Hope this helps.
Flagship Merchant Services are best .it can take payment from all regions. Flagship Merchant Services is a fantastic idea for business owners wanted to start processing payment online. Processing fee is very low,24/7 client support.
I've been using the PayPal adaptive payments API, and it is working quite well, except I don't like the 3% fee they take.
-Craig.
@sendmykid
http://sendmykid.com
thanks guys, we're going with worldpay. would prefer to have used young start-up but seems no one can yet provide all the services in one. I'd never use paypal again - feel ripped off for 5 years.
I'm interested in any new information folks have on payment systems for crowdfunding sites. Paypal is a disaster for credit card processing, and we just discovered that our current vendor, WePay.com can't handle non-US credit cards (something they should be more up-front about on their site).
I see references to WorldPay and Flagship in the conversation above. Can anyone offer more info on what they are like to work with, and whether any other options have emerged? Thanks!