Category Archives: Payment Processors

Review: V-Money global payment system

Hi everyone. Okay, I took a little break from my GoldenBux site but I got a little bored so I decided to write a review. Lol, aren’t I crazy ;)? Nevermind, don’t answer that question! :)

Today I am going to briefly review a new e-currency called V-Money (v-money). Well, v-money is not exactly new; they’ve been around for a while, but I just never gave them much notice. I opened an account, hmm, about a year ago and then just sort of forgot about it. I came across it my bookmarks file and it just struck me today that I should do a review of it on my blog, so here I am doing exactly just that.

Effective July 1st, 2007 www.v-money.net is owned and managed by Globyte S.A. a Panama Corporation duly incorporated and registered with the relevant authorities. On June 18, 2007 Globyte S.A has been issued a commercial license number 2007-4886 to process online payments. I believe they used to operate out of Switzerland with the corporation being registered in Seychelles, but as you can see above they’ve moved shop to Panama – a good thing in my humble opinion.

Now the first thing you should understand about v-money is that it is not backed by any precious metals so it is NOT what is commonly referred to as a DGC (digital gold currency). V-Money is more or less like paypal or like e-bullion e-currency, meaning that it is based solely on fiat money. There are obvious pros and cons to this, the most obvious pro is that you don’t have to pay any storage fees like you do with e-gold or e-bullion. So like I’ve said, v-money is more or less an alternative to Paypal or e-bullion e-currency. However it would not be quite correct to compare it to paypal because there is one BIG difference between v-money and paypal. With PayPal you can add/withdraw money from your account using PayPal’s OWN system, with v-money you CANNOT – you have to use a third party, or what most people call “an exchanger”. So from that point of view v-money is more like e-bullion e-currency.

Lately I’ve noticed that a lot of HYIPs and autosurfs have flocked to v-money. Now, I am not a big fan of HYIPs or autosurfs (I’ll be up front and tell you that most so called HYIPs are just scams and you WILL lose your money), but I can see why they’ve done so. V-Money being based out of Panama (and previously Switzerland with Seychelles IBC) offers excellent privacy and cannot be touched by the fascist US Government – like e-gold has been (and hurt quite badly I might add).

Ok, let’s talk about the all important fees. Here is their fee table:

Transfer – 1%

Withdrawal to e-gold – 5%

Deposit from e-gold – 2%

*Transfer Fees are charged to the RECEIVING ACCOUNT

You have the ability to nearly instantly move between v-money and e-gold. I say nearly instantly because most transfers are completed withing 24 hrs not instantly.

If you’re wondering how you can withdraw your v-money to your bank account or to some other financial medium, well, you’re going to have to use a third party exchanger. There is a list of officially sanctioned “exchange partners” on the v-money website.

I think that should be all the info you need to know. The next step is up to you. If you’re looking to add another e-currency to your portfolio then you’ve found it. If you’re like me your portfolio is probably already overflowing.

Have a good day/night/morning/evening/dusk/dawn..whatever…:)

P.S In case numerous links throughout the page have eluded your attention, the V-Money website can be seen at:

http://www.v-money.net

Eternitybanking VISA debit card & US bank account: perfect for non US residents

Sometimes I find something of potential value that I
know many readers of my updates will find useful.

The first of these I want to mention has to do with
obtaining a Visa or MasterCard branded DEBIT card.

Let me clarify: I’m not talking about a plain ATM
debit card (which are a dime a dozen) – but a debit
card with the Visa or MasterCard logo/hologram.

For US residents getting such a card is a breeze.
But for most others, such a card is a prize to
seek – as it has all the advantages of a credit
card, except you are not incurring debt – rather
simply using your own money.

Sometimes such a card is referred to as a pre-paid
credit card.

One of the problems in obtaining one arises from
the fact that such cards are usually only available
to those who live in certain areas – in the region
served by a particular bank. And banks in various
countries are not usually allowed to distribute such
cards outside their own country.

The only exception is what is termed “affinity”
groups – which could be a company, a private club,
a group of employees etc.

There have been many attempts to provide such cards,
but these have often failed, precisely because the
issuer did not adhere to the policies of either
Visa or MasterCard.

EternityBanking info:

This is an e-payments system which provides for
a number of useful financial services – including
the provision of a US bank account and Visa Debit
Card.

Now, a US bank account is no big news to those already
in the USA, but for those in other countries, this
is potentially very useful (and offshore). One obvious
advantage is that such an account can be used to verify
PayPal accounts – and more importantly, receive PayPal
withdrawals.

I’ve opened an account with Eternity myself – and
am in the process of validating it with my ID so I can
get this Visa debit card. I can see a lot of use in
it for me personally.

There are a lot of options with this service – including
being able to load by wire transfer, various e-currencies
MoneyBookers, Western Union, PayPal and ACH – and I
think it’s well worth a closer look, if you are a non-US
resident. However, even US residents may find the loading
options very attractive – even though the card would
certainly not be “offshore” to them.

I should also mention that they DO have an affiliate program where you can earn a modest fee
for referring others to their service. However, the real value is in the service provided not so much in the referral program.

Click HERE For more info!


	

Interview with AlertPay CEO, Firoz Patel

Thanks to NoBS Blog for the following e-mail interview with Firoz Patel, CEO of Alertpay.

—start of quote —

Hi Firoz, thank you for taking your time to answer our interview questions at No Bullshit HYIP Community Blog.

When was AlertPay established? Is there any specific reasons why AlertPay was started at that time?

AlertPay was established June 19, 2005. Actually it was conceptualized and developed during a full year before launching.

How many users does AlertPay currently have?

I can say that AlertPay is growing at a steady rate of about 300 new members daily and at this time we are little less than 1 million users. Most of our new members are referrals from current members and come from our affiliate program.

Does AlertPay allow HYIPs and autosurfs to work as a payment processor? If yes, what kind of restrictions does AlertPay has on those?

AlertPay allows all legal businesses in using its services. We have no problems with HYIP or autosurf businesses as they are not illegal. Only certain fraudulent HYIP or autosurf where the
admin is trying to defraud AlertPay and its users, we restrict them or suspend them from using our services.

We have taken strong measures in getting money back to those who were defrauded from administrators whose goals where to steal money without providing any for it. To date, our
members are very happy with the results.

How many different funding options does AlertPay has and what kind of fees are we expecting when we are doing any inexchange, outexchanges and transfers?

This is one of the benefits, because AlertPay has many different funding options. All the fees are found on our site at www.alertpay.com.

For funding (deposit) your AlertPay account we have money orders, bank wires, bank transfers, credit cards, and cashiers checks. Soon we will also accept BillPay, and open up our services to European for bank transfers as well.

As for Withdrawal options, we offer traditional check, bank transfers for US and Canada. But soon as we add all of Europe clients may also withdraw to banks there. I shouldn’t mention this but we are adding AlertPay Debit Cards into the options this year (late summer maybe?!).

Does Alertpay incorporate any kind of verifications for customers when they use your service (eg. ID verifications)?

AlertPay does rigorous photo ID verification and address verification for its members who are flagged. The flagging is done randomly but we feel that we have either eliminated fraud or have extremely controlled it.

I see Alertpay is based in Canada. What currency are the accounts denominated in?

AlertPay is based in Canada, but is an international company. With its business licenses in Canada, US, and Europe, we must grow to retain all the major currencies. Soon we will no longer be restricted to accept US Dollars, and CAD Dollars, as we add on Europe, Australia, Singapore, Malaysia, South Africa and Hong Kong, we will also carry the currencies of these specific regions.

Does Alertpay have an AntiMoney Laundering policy?

AlertPay has an AML (Antimoney Laundering) policy which is required by the laws of Canada and United States. Since we do business in both of these countries, we abide and comply with the laws of these countries.

Does Alertpay has any unique features which stands out on the market compared to any other Digital Currencies?

AlertPay is not a digital currency. AlertPay is a payments processor. AlertPay does all its business directly with all the providers, unlike other processors. Alertpay has direct services with Banks for Bank Transfers (ACH in USA and Canada) and European bank transfers, Credit Cards, Check clearing and issuance, Debit Cards, BillPay, etc…

As well, AlertPay is on the side of all members. That means members who are merchants can count on AlertPay in NOT freezing their accounts without reason unlike other Payment
companies. AlertPay treats all of its members with courtesy and professionally.

I don’t see any mentioning on debit cards. Does Alertpay has one for customers?

AlertPay has negotiated with a bank on issuing debit cards. We have had this agreement completed since early 2007. However as AlertPay has many other development projects, Debit
Cards have been pushed to be released later this year, possibly late summer.

Which is Alertpay’s main competitor and why?

I am not sure which is AlertPay’s main competitor but we feel that we are going off in another direction in the industry. It is difficult to compare companies since all have their own niche in the marketplace.

I’m sure Alertpay has heard of EMOCorp and what actually happened to it. Does Alertpay has licenses in all states of the US, like Paypal to do businesses with US Citizens? (You can check out this url as well: http://hyipblog.nobshyip.net/2007/04/03/solidpaytrustlegalinformation/)

AlertPay is a Canadian company located in Montreal. This issue was brought up time and time again. As a Canadian company we must be licensed in Canada. After speaking with the OSFI (Office of the Superintendent for Financial Institutions) they told us that we are not required to register with Canada’s banking laws.

We are already regulated in Quebec by the IGIF (Inspector General of Financial Institutions). New regulations are coming out this year which will include licensing and regulations.

As for what happened to EMOCorp and any others, these companies had to be licensed since they were located in the US doing business in their own state as well. AlertPay will need to get licensed in every US state that requires it, but for now, we do not need to for 2 reasons.

1. Either it is not required since we are not located in the US and/or
2. We are not doing enough business in the particular state and there are minimums before even applying for a license. For now we are compliant with Fincen (in USA) and Fintrac
(in Canada) which governs and regulates money laundering and suspicious transactions.

Remember one thing, AlertPay is here to stay and grow to become a very large financial services provider and payments processor. In some cases, we do meet the minimum of millions
of dollars of transactions required to simply apply for a state specific license. We will get licensed as we fulfill the criteria of becoming eligible for licensing.

Do you have any views on the recent Egold indictment case?

Yes actually. Egold brought this upon themselves. With their lax rules and controls, their system was being used for all kinds of fraud and money laundering. I think that Egold should be split up into 2 entities.

One for the issuance of Egold as ecurrency and the other to control the transfers and transactions. If they cannot do that, then there is no point in having Egold anymore. The rules on the international marketplace are changing greatly. There needs to be controls in place to stop thieves and criminals from using these services.

Also there must be controls in place for thieves to be frozen or punished when a complaint is given to Egold. Since they don’t care about what happens with the Egold, some legitimate people get fraud monies, but many illegitimate merchants are able to get away with murder (figure of speech).

We have lost money as well in the process, but we have never allowed that to affect our members.

Summary

Since our launch in 2005, AlertPay is maintaining a calculated growth; learning from experience, improving its methods and continuously innovating in the industry. We are now used by close to 1 million users worldwide, because of our dedication to insure:

· Security and identity protection for all our members;
· Fraud prevention;
· Intelligent customer support;
· And useful services, including our series of personal and business tools.

AlertPay is a unique payment processor, and is distancing itself from the competition with services never before offered, for example:
· We are offering a wide variety of account funding options;
· AlertPay Debit MasterCards are being introduced to our members;
· We process transactions in multiple currencies
· We are developing services in Europe and other regions of the world.

Thank you for your time Firoz ;)

—end of quote—

Alertpay: A possible major competitor to PayPal

In one of my previous blog posts I wrote about e-gold and espoused it many virtues. Now I do realize that some of you are not or will never be big fans of electronic currencies and would rather prefer to use traditional “Payment Processors”. The biggest and of course the most popular payment processor is PayPal. However, lately PayPal’s top-dog position is attracting hungry underdogs who are eager to chew a piece of PayPal’s market share. One such competitor goes by the name of Alertpay.

According to their website Alertpay is ” ..a privately owned and managed company founded in 2004, offers an internet payment system enabling any business or consumer with email to send and receive internet payments securely, quickly and cost-effectively. With its office headquarters in Montreal, Canada, AlertPay is available to users all around world.”

I’ve been a user of PayPal for a long time, and while PayPal has decreased their fees be aware that more economical alternatives do exist. Alertpay is one such alternative payment processor. What I like most is their slightly lower fee structure.

Take a look at this

The following details the fees that AlertPay charges you for processing your transaction.

Type of account: Personal Premium Secured

  Personal Account Premium Account Secured Account

Withdraw Funds

e-gold 4.00 % 4.00 % 4.00 %

Add Funds

e-gold 2.50 % 2.50 % 2.50 %

As you can clearly see, their fees ARE lower than PayPal’s, but can you trust them? So far I’ve heard nothing but good things about them, and my personal experience has been positive.

So which account should you open. Well, I would recommend starting off with a Personal Account, and later on if you need to accept credit card payments (for example if you sell on ebay or other auctions sites) then you can upgrade to a Premium Account. The secured account has absolutely no business restrictions on it. But the main selling point of the secured account is the “chargeback prevention” feature. I haven’t really tested their secured account, so I can’t really say how effective their chargeback prevention scheme is. By the way, I have a premium account.

You may have noticed that Alertpay will allow you to convert the money in your Alertpay account into e-gold and vice versa. I think this an absolutely spectacular feature! As far as their fees for doing this are concerned, well, they are competitive to say the least. You could get better fees somewhere else, but don’t forget that you are paying a bit extra for the convenience.

So, in conclusion, the payment processing market is heating up, which in the end will be of great benefit to us consumers.

Look forward to me reviewing other payment processors/electronic currencies in the future.

Oh, and before I forget, if you want to open up an account with Alertpay, just follow this link:

http://www.alertpay.com/