As the web grows, so does the eCommerce industry. It is fast becoming the preferred way of fund transfers and transactions. The IT industry is growing as well, especially in developing countries such Pakistan and Bangladesh etc, giving rise to the freelancing trend. This makes it difficult, often impossible, for people in developing countries to send or receive payments online, especially where PayPal, the world’s largest payment processor, is not available. Hence the need for an alternative method of transferring money. Payza is one great such alternative. It allows payment transfers for people in many countries where PayPal isn’t available.
Payza, formerly known as AlertPay (many of you might be familiar with that name), is an eCommerce business that basically allows transfer of funds between two Payza users. Just like PayPal, it allows easy transfer of money internationally. Payza is a U.K (London) based company that has operations in many areas.
Payza’s mission statement says it aims at providing a connecting bridge to the people living in developing and under-developed regions. To that end, it has operations in 197 countries worldwide, which makes it the largest payment gateway operating in almost all countries of the world, with the exception of a few that are ravaged by war (Afghanistan) or under political sanctions (Iran). For its outstanding services, Payza has won numerous awards. You can see a complete list on their Wikipedia page.
Starting is easy. Simply visit the sign up page and choose a package plan that best suits your needs. For ordinary users who want to shop online and send/receive payments, the most basic package will suffice. The Personal Pro package is for you if you run a website or a small online business, and need some merchant features such as accepting payments on your website. The Business plan, of course, is for large businesses.
For signing up, you only need to provide your basic contact information. But you will need to validate your account before you can add or transfer any funds. You can do this through various methods such as Credit Card (you don’t have to pay anything for signup), Wire transfer, Check etc.
You are guided through a 3-step process, and you will be required to specify an email address. You can confirm your account by clicking on a link that is sent to your email.
How does it work?
To send and receive payments, having a bank account can make things much easier for you. To be able to transfer funds, you first need to add money to your Payza e-Wallet. You can add funds through the following options;
Credit/Debit Card – For this, you will need to have a credit card for a verified bank. Most popular banks provide credit/debit cards to customers upon request. If you have a credit card, you can simply go into your Payza dashboard and Click on Add Funds. There’ you’ll see the Credit Card option. Clicking it will take you to the add a credit card screen. You can add your credit card(s) and then add funds to your Payza account, or manage your funds right through it. Credit card transfers are instant, and are charged around 3.5%.
Electronic Transfer (Bank Transfer/Bank Wire) – Similarly, you can send funds directly from your bank account into your Payza account via bank wire or bank transfer. Bank wire costs around $20, whereas bank transfer varies. The duration for electronic transfer is 4-6 business days. For this, having a bank account is a must. It is recommended that if you are in countries like Pakistan, you should open a bank account with Standard Chartered Bank (SCB) or United Bank Limited (UBL), since they make all this process very convenient.
Money Order/Check – You can also send money order or check to add funds to your Payza accounts. This is free of cost, but some banks will charge a certain fee for creating money orders. Checks normally take 2 business days after receipt to be deposited.
Once you have added funds to your e-Wallet, you can easily send them to any other Payza user via email. Simple type in their email and press send! Your funds will be transferred immediately!
When someone needs to send you some money, they will simply send it to your email address, and that amount will be credited to your account. You can then withdraw your funds via electronic transfer (wire/direct transfer), or check. You also have the option of using the Payza issued Prepaid card, but that service is currently limited to a few countries at present.
Payza makes it really easy for you to receive and use your funds. It supports 22 currencies which you can convert to/from for your own ease. Transactions with Payza are totally secure, with anti-fraud mechanisms in place to prevent scam.
Payza also has a Developer Center, where it provides APIs and its Sandbox to developers for testing and integrating Payza with their websites and we apps.
With Payza, you can also sign up for a merchant account, which will give you easy to use tools to integrate with your website, such as shopping carts, payment processing, product comparison, and much more!
Another great feature is the in-built Affiliate program. Payza will consider it a referral only when someone joins Payza through you, and then spends at least $250. For each such referral, you get a $5 bonus upto 10 referrals. Beyond that, you get $10 per referral.
Payza might not be as popular as PayPal, but it does provide an excellent alternative. And it is fast rising up to meet the challenge, and with its size, it could well become a direct competitor. Either way, it provides a great option for people in PayPal restricted countries, such as Pakistan and Bangladesh.