Dodging Digital Payments – Be Aware of Payment Processing Fees

Banking, Saving 0 1

With the world going digital in the new millennium, it is no wonder that digital payment systems are getting increasingly popular. You can find many e-wallet services today, which are rivalling cash payments – with development in technologies. The 3 main e-wallets that are available today work together effectively with a fee setup. Find out about the issues including payment processing fees that you need to be aware of, in order to dodge digital payments.

PayPal

It is one of the most popular digital money transfer services, and deals with 26 various types of currencies. Before 2015, it was an eBay subsidiary. Today, it is an industry giant. However, you should know something about the charges involved in the PayPal transactions. Within the UK, you do not have to pay any personal transaction fees to do fund transfers. However, when you move funds between nations you have to pay 3.4% transaction fees and a flat charge of 20p. You also need to pay a smaller 0.4% fee if you pay by bank account or PayPal balance.

Skrill

It is giving PayPal a tough fight in the domain of funds transfer, primarily in popularity and usage. It was launched as Moneybookers in 2001. Similar to PayPal, it allows clients to transfer money across the globe. Payment fees can be incurred due to this reason. However, the transaction fees are higher in Skrill than in PayPal. For regular card payments, the personal transaction fee is in the range of 0 – 2.25%. For Paysafecard, it is 7.5%. There is wholesale exchange rate of 3.99% in the currency exchange. This is added to any international payment, irrespective of the nation.

Neteller

It is one of the safest and most convenient to use e-wallet systems around. It was set up in 1999 and is reliable – with a high security encryption level that makes use of superior and sophisticated technology. The currency exchange fees depend on the kind of account that you are using. While regular users have to pay 3.99% fee, VIP members can do with around 1%.

Each of the platforms has a transaction fee, but that should not be a deterrent for you to use them. While PayPal is the most competitive for standard transactions, each system comes with its own benefits. You have to weigh the pros and cons of each platform, other than the payment processing fees, to choose one over the others.

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