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What Is An Electronic Payment And Which Are The Services Other Than Paypal That Allows You To Accept Electronic Money?Paypal is the most popular online paying service in the Internet. But, is there a Paypal alternative just as good? Of course there is.Some HistoryPaypal was founded in 1998. By the year 2004, the total amount of money that went through the company reached the US$ 18.9 billion, becoming the principal choice for electronic payments at auction sites and for person-to-person transfer. The basic service is free and lets you send and receive money from a bank account or credit card.Ebay, the most popular auction webpage, tried to create a system that could compete with Paypal. Named Billpoint, this system fell short on the expectations of the customers. Paypal could be used in any auction site, while Billpoint could only be used with Ebay. Because of this, Ebay closed Billpoint and acquired Paypal in October 2002. Similarly, C2it, an electronic payment solution from Citibank, had to close its doors in November 2003. Launched in the year 2000, it found itself with the same problems than Billpoint: it wasn't flexible enough. After a failed negotiation for buying Paypal, the system was finally shut down. Another failed competitor was BidPay. Founded in 1999, it became a popular choice within auction sites, reaching 4 million customers worldwide. Unfortunately, after a series of acquisitions from different companies (including Western Union), it has closed operations. Right now it is owned by Cybersource Corporation. Payme.com also disappeared after some brief and fierce competition from Paypal. This tool permitted you to send bills via email. Unfortunately, it took them seven business days to make the money appear in your account. Too slow for the 21st century. Yahoo also had its own system, known as Paydirect, but it disappeared in the final months of 2004. Launched in 2000, it allied with HSBC 2001, but was unable to make an adequate competition to Paypal. Since that year, Yahoo hasn't been interested in returning to this market. These are but a short list of many other online payment companies that appeared and disappeared. Nowadays, not even their domains exist, only but a brief reminder of how competitive is this business. Continue to: Alternatives for Electronic Payment Solutions Related ArticlesWhat Is A Credit Card Merchant Account And How To Open One?What Is Paypal And Is It Safe To Use Paypal To Accept Payments? What is ACH or Automated Clearing House? What Are Turnkey Ecommerce Solutions And What Do They Comprise of? Phishing A Major Problem In Transaction Processing |
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