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best payment method apart from Paypal
Thread poster: Luke Mersh

Luke Mersh  Identity Verified
United Kingdom
Local time: 15:05
Spanish to English
Jan 27, 2015

I would like to know what payment method agencies and private companies prefer to use the most apart from paypal as I would like to offer this method of payment to be more appealing to others.
regards


 

Sheila Wilson  Identity Verified
Spain
Local time: 15:05
Member (2007)
English
+ ...
Within the euro-zone? Jan 27, 2015

Within the euro-zone, wire transfer is used almost all the time. I guess it isn't so popular in the UK for payments in euros, but banks within the euro-zone aren't allowed to charge more for transfers within the zone than they charge for national transfers - often zero!

Skrill (ex-MoneyBookers) is also quite popular, though not as much as PayPal. Then there are a multitude of others. You can decide whether to accept them as/when someone requests it.

HTH


 

Luke Mersh  Identity Verified
United Kingdom
Local time: 15:05
Spanish to English
TOPIC STARTER
payment methods Jan 27, 2015

Thanks Sheila.
I have just looked up about money wire and it requires IBAN and Swift code as well as other details.


 

Sheila Wilson  Identity Verified
Spain
Local time: 15:05
Member (2007)
English
+ ...
Correct Jan 27, 2015

Luke Mersh wrote:
I have just looked up about money wire and it requires IBAN and Swift code as well as other details.

Is that a problem? Your bank will provide all those details.


 

Balasubramaniam L.  Identity Verified
India
Local time: 20:35
Member (2006)
English to Hindi
+ ...
SITE LOCALIZER
Wire transfer for large amounts Jan 27, 2015

Wire transfer is the cheapest and best for large amounts. But it is uneconomical for small amounts (less than 300 dollars), unless the sender bears the bank charges, which can be as high as 40 USD per transfer. Another advantage of wire transfer is that banks generally offer a better exchange rate between the billed currency and your bank account's currency, than paypal or skrill. The latter, in addition to their hefty fee of about 6% of the transferred amount, also offer an exchange rate which ... See more
Wire transfer is the cheapest and best for large amounts. But it is uneconomical for small amounts (less than 300 dollars), unless the sender bears the bank charges, which can be as high as 40 USD per transfer. Another advantage of wire transfer is that banks generally offer a better exchange rate between the billed currency and your bank account's currency, than paypal or skrill. The latter, in addition to their hefty fee of about 6% of the transferred amount, also offer an exchange rate which is 1-2% less than the going rate. So, for large payments, with paypal you can end up loosing a substantial part of your hard earned money.

The only issue with wire transfer is that it is difficult to know who has paid, as the payment comes with no details of the sender and amount received often is different from the invoiced amount (as bank charges are deducted). It can, therefore, take you a while to match the payment with an invoice you have issued. But this is a minor irritant.



[Edited at 2015-01-27 14:06 GMT]
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Luke Mersh  Identity Verified
United Kingdom
Local time: 15:05
Spanish to English
TOPIC STARTER
so faor small amounts Jan 27, 2015

Thank you both for your replies.

Apart from paypal, what is the second best form of payment for small anounts?
regards


 

Maija Cirule  Identity Verified
Latvia
Local time: 17:05
German to English
+ ...
Skrill Jan 27, 2015

Luke Mersh wrote:

Thank you both for your replies.

Apart from paypal, what is the second best form of payment for small anounts?
regards


but the choice depends mostly on the client. By the way, what's wrong with IBAN and SWIFT (BIC)? Without these codes you cannot operate any bank account.


 

Luke Mersh  Identity Verified
United Kingdom
Local time: 15:05
Spanish to English
TOPIC STARTER
IBAN and Swift Jan 27, 2015

There are no problems.

I will only be receiving small amount, so the wire transfer as mention would not be beneficial.

How does Skrill work?


 

Maija Cirule  Identity Verified
Latvia
Local time: 17:05
German to English
+ ...
I don't know how Skrill works. Jan 27, 2015

Luke Mersh wrote:

There are no problems.

I will only be receiving small amount, so the wire transfer as mention would not be beneficial.

How does Skrill work?


I use Paypal for small amounts from USA and other non-EU countries.


 

Luke Mersh  Identity Verified
United Kingdom
Local time: 15:05
Spanish to English
TOPIC STARTER
small amounts Jan 27, 2015

That great thank you.
I already have Paypal in place, so you think that would be fine for most agencies and private companies?


 

Samuel Murray  Identity Verified
Netherlands
Local time: 16:05
Member (2006)
English to Afrikaans
+ ...
SITE LOCALIZER
Skrill Jan 27, 2015

Luke Mersh wrote:
How does Skrill work?


Skrill works the same way as PayPal, except that the fee structure is different. With Skrill, the sending party pays more than with PayPal. There was a time when Skrill was not available for people from the USA, but that seems to have changed (not sure, though).

Western Union may also be an option (transaction fee is about EUR 5 per transaction; you pick up the money in person at a Western Union "agency" in your neighbourhood).


 

Luke Mersh  Identity Verified
United Kingdom
Local time: 15:05
Spanish to English
TOPIC STARTER
Skrill Jan 27, 2015

Thanks Samuel.

I believe then that the less either party have to pay the better, so in a nut shell, Paypals fees are cheaper than skrill?


 

Maija Cirule  Identity Verified
Latvia
Local time: 17:05
German to English
+ ...
Yes, it would be fine Jan 27, 2015

Luke Mersh wrote:

That great thank you.
I already have Paypal in place, so you think that would be fine for most agencies and private companies?


I work with various agencies and private clients and all of them use PayPal or bank transfer.


 

Andrea Halbritter  Identity Verified
France
Local time: 16:05
French to German
+ ...
Bank transfer Jan 27, 2015

I have customers in Asia, Africa and in several European countries and only use bank transfer.

 

Sheila Wilson  Identity Verified
Spain
Local time: 15:05
Member (2007)
English
+ ...
Research needed? Jan 27, 2015

You really need to look on the various websites, Luke. PayPal, Skrill and your bank all have the information detailed on their sites. We've given basic information; the details depend entirely on your own personal situation:
your country and bank
your client's country, bank and preferences
your payments to be received i.e. amounts and currencies
...
and, also very importantly, what you intend doing with the money.

If you regularly shop on a site that a
... See more
You really need to look on the various websites, Luke. PayPal, Skrill and your bank all have the information detailed on their sites. We've given basic information; the details depend entirely on your own personal situation:
your country and bank
your client's country, bank and preferences
your payments to be received i.e. amounts and currencies
...
and, also very importantly, what you intend doing with the money.

If you regularly shop on a site that accepts Skrill then it follows that Skrill will be a better option than if you have to transfer the funds to your bank account; if you have a sterling bank account only, but you often have to pay for things online in euros, and your clients like to pay in euros, then it can be handy to have a PayPal EUR stream to avoid currency fluctuations. Then again, the above may not be an economically sound argument - I tend to go for convenience, even if I lose out a bit here or there.

And I don't pay a cent to receive ANY payments into my Spanish account, nor do I pay for EUR transfers into my French account or GBP ones into my UK bank account. So you can't say it's never good to use bank transfers.
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