It is quite common these days to find people talking about the concept of sending and receiving funds through online payment services. Most of us do not understand that these are not the same thing but there are certain differences between the two. When you opt for an online payment service, the service provider acts as a bank or a financial institution and allows you to make payments through their online payment system. You can choose any mode of payment, which is processed immediately.
This concept has become very popular over the years and millions of people have already switched over to this mode of payment. These providers also allow their clients to transact online. The concept works perfectly well when you are using the money transfer option. For instance, if you want to transfer money to your friend overseas, all you need to do is to visit the website of the provider, click on the money transfer option and fill in all the necessary details. After a few hours the money will be transferred into his account without any hassle.
In this way we can also use the online payment services to send money to our friends residing in foreign countries. The only disadvantage associated with such an act is that we have to pay the charges that are levied by the service provider, even though the money reaches the friend’s account. However, it is a minimal cost as compared to the fees involved in transferring the money from our bank.
Some of us also tend to think that once we have availed of the online payment service, we do not need to deal with the recipient’s side. While transferring money to someone else’s online account, there is no scope for discussion as the receiver is not supposed to know anything about the sender. Therefore, he is not supposed to make any type of decision at all regarding the transfer of money.
This is one of the main drawbacks of using the online payment services. If you want complete privacy, then you should select a service which offers a secured gateway option. This will provide you with absolute security. Once your details are completely secure, then you can make instant decisions pertaining to the transfer of money.
The second thing that should be kept in mind is the rate of commission that is charged on the transaction. There are quite a number of sites that charge a low rate of commission. However, most of these sites do not let the customer take a choice of the rate. They force the customer to choose the option of a payment option from the start. As soon as the customer makes the payment, the rate of commission charged on the transaction becomes zero. Thus, if you wish to send money through online payment services and are aware of the fact that the charges are usually high, you should go in for some other option.
Since there are a number of payment service providers, it is necessary to make a comparison before selecting the best option. A better option would be to select a site that provides a list of reputed providers. This option is more convenient as the customer can easily choose the payment service provider who is reputed.
Moreover, you can also check out the reviews of different people regarding the payment service. By reading the reviews of different people, you can get information about the payment site. Most often the review of the payment service is written by customers who have already made use of the service. These reviews are quite helpful as they provide an insight about the efficiency and credibility of the site. Thus, you can easily use online payment service providers to send money to any part of the world instantly.