The concept of paper money is becoming less and less relevant, since we are really just exchanging money by means of numbers on a computer screen. Electronic payment processing is great for buyers and sellers alike, both for the security and for the convenience. There are some heavy hitters in this industry, but OKPAY is looking to make a big splash by offering lower fees, more options, and support for a variety of e-currencies.
As we make our way through today’s review, we’ll take a look at some of the key factors and features that separate OKPAY from some of its payment processing competition. Should you make the switch?
What Is OKPAY?
At its heart, OKPAY offers two core services: it processes payments and it acts as a digital wallet. This will sound familiar to people who are already using something like PayPal.
Part of the advantage of OKPAY is that they are meant to be more versatile than its competition in terms of the types of payments you can accept. If you run your business online, you need a flexible solution for accepting different types of payments from your customers and clients. OKPAY allows you to accept bank transfers, electronic currencies, money transfers, phone payments and more.
When you receive the money, it is deposited in your OKPAY Wallet, where the different currencies and balances can be managed. Your clients can pay securely without revealing any personal financial data, since they can pay using just an email address. One of the main differences here is that there will never be a chargeback, because all money transfers are non-refundable. There is also an Android app for your OKPAY Wallet, giving you a simple way to pay for goods and services, transfer money, and receive payments right from your mobile device.
While most of the international economy operates on standard international currencies like the Euro and the US Dollar, there is an increasingly large demographic that is dealing in e-currencies instead. You may have heard (or already use) Bitcoin, for example, through a number of different online marketplaces.
Unlike some of the other payment processors on the Internet, OKPAY fully supports e-currency and they’ve kept the fees quite reasonable here. When dealing with BitCoin transactions, for example, the fee is 2.5%. It gets as low as 0.0% for other e-currencies like Migom and UWCFS, but it can get as high as 15.0% in the case of A1Pay. These are largely the fees being levied by the other providers with a smaller percentage taken by OKPAY. In some sense, OKPAY is itself an e-currency, though you are able to hold a balance in EUR or USD.
The e-currency support is good, but what about world currencies? OKPAY is set up with a number of exchange partners to help you move your money around with other processors and currencies, like MoneyGram USD and PayPal EUR. At this time, OKPAY supports 19 world currencies, including the Canadian dollar.
What About Taking Money Out?
In general, the service fees charged by OKPAY are quite low. Internal transfers with EUR, USD or GBP are only levied at 0.5% with a maximum of 2.99 in the respective currency. When compared to some other payment processors, that’s quite low. Even if you do a wire transfer, the fee is only 1%, though the minimums are a fair bit higher.
Perhaps one of the better ways to get at your OKPAY Wallet balance is to get an OKPAY debit card. It’s a prepaid MasterCard that you can load up with funds from your OKPAY Wallet, granting you a great deal of flexibility for spending that money online and offline all around the world. There are fees involved, however. It costs you $3 for each top-up and you get charged 2% for ATM withdraws. However, POS transactions are free. You could always do the cashback option at retailers, if available.
Instant Money Transfers
OKPAY isn’t going to be for everyone, but nothing ever is. The relatively lower fees, the greater support for electronic currencies, and the availability of a debit MasterCard do make OKPAY a compelling option for many people, though. They even have a partner program where you can earn commissions based on successful referrals. The instant nature of the money transfers is also attractive and, in the case of online merchants, the finality of transactions means you never have to worry about chargebacks again. If you want to try OKPAY for yourself, you can sign up here.
Did you enjoy this post? Get John Chow Dot Com updates via email...
Stay up to date with all of John Chow’s tips for making money online and blog posts by subscribing via email. Your email will be kept private and never shared with anyone.