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  • Anoop Mathew

    Member • Oct 28, 2011

    Yes, please do. I would like to know about PayPal over the SBI's net-banking. Which is a better option for online transactions?
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  • Harish Kotra

    Member • Nov 25, 2011

    Well I guess I have a little knowledge about this one 😀

    Online payment processors provide the feasibility to buy things online and also save funds. Net-banking doesn't come under online payment processors. There are loads of online payment processors but only a few are popular among people around the world and also are being used by tons.

    Some of the most popular payment processors are

    - PayPal
    - AlertPay
    - Moneybookers
    - Liberty Reserve
    - Webmoney

    I haven't used only Liberty Reserve and Webmoney but the other three are usually best. Every payment processor has it's own problems with the services they provide.

    PayPal asks you to add Credit Card information if you want to send money or buy anything from any online web store. But AlertPay doesn't ask you any such thing if you have balance in your alertpay. PayPal is the most used and world's #1 payment processor.

    PayPal has auto bank withdrawals everyday, so you got balance in PP then it will be sent to your bank account after the end of the day.

    Transaction fees from both PP and AP are almost equal and reasonable too. Anyone can create an account with PP and AP and you can easily receive payments from any websites you earn or stuff from them. Moneybookers is also one of the famous payment processors used by many people outside INDIA according to me but I know people who use it here also.

    PayPal has recently started Send Money App in Facebook enabling you to send money and cards to friends via Facebook's Native Application. You can read more about it #-Link-Snipped-#

    PS: Be sure to read the terms of any Online Payment processor before you get into them because it is your responsibility for your money. Careful 😁

    Any more questions about this I am ready to answer up to my knowledge and help people around.
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  • optimystix

    Member • Nov 26, 2011

    Internet Banking offered by the banks are the best when it comes to online transfer of money. I have net banking enabled in 3 of my accounts(BOI,SBI,CORP) and ICICI of my mom's. I extensively use them and can vouch for their usability and usefulness.

    Paypal is mandatory for many of the e commerce sites and is good for those purpose. Giving money through paypal is free but receiving is not as you have to pay them some commission on the amount you are receiving. Paypal is for ecommerce purpose and its fair charging them since the transactions are being made purely for business purpose and considering we are getting a safety net around our transactions, its fine if we have to pay out some amount. But let me tell you from experience that Paypal is not always god. It can be unfair to the merchants and biased towards the customers many a times so beware of it negative issues too. They can freeze your account for upto 6 months or so if they receive a complaint from any customer (sometimes customers are stupid and will create issue out of no where just due to some miscommunication or misunderstanding issues).

    Most ecommerce sites these days allow transactions being made through debit cards and considering most people have a debit/ATM card these days, it is easy making transactions almost anywhere these days.

    if you need any specific information, kindly ask. Will reply as much as I know 😀
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