In the first part of this blog post, I discussed Making Money Online: Getting paid by cheque and explained why you should avoid getting paid by cheque where and when possible. In this blog post, I will be highlighting another means of getting paid online: Paypal.
There are several forms of e-currencies. There are digital gold currencies like e-gold, e-bullion, pecunix, c-gold, Liberty Reserve, GoldMoney etc. There are also many others not backed by gold, that are usually referring to as ewallets. Popular ones include: PayPal, Moneybookers, Alertpay etc.
PayPal: This is the number one choice for most, in making payment online. And why not?
Currently, PayPal operates in 190 markets, and it manages over 164 million accounts. PayPal allows customers to send, receive, and hold funds in 17 currencies worldwide. These currencies are the U.S. dollar, Canadian dollar, Australian dollar, Euro, Pound sterling, Japanese yen, Chinese renminbi, Czech Koruna, Danish krone, Hong Kong dollar, Hungarian forint, New Zealand dollar, Norwegian krone, Polish zloty, Singapore dollar, Swedish krona, and Swiss franc. PayPal operates locally in 14 countries. My point is, there is no other internet payment system with a wider global reach than PayPal.
Some merits of getting paid via Paypal:
- global reach
- multiple currencies
- accepted by several merchants online
- multiple withdrawal methods: bank account, visa cards, Paypal debit cards (US only), cheque.
- receive money for free: some companies have special arrangements with Paypal that allows them to send payment to their members for free irrespective of whether the recipient’s Paypal account is Business, Premier or Personal.
- high security: this is quite controversial but I consider Paypal very secure. Your money is safe with Paypal as they have several measures that trigger red-flags whenever fraud is suspected.
Some downsides of Paypal:
- all African countries on Paypal cannot receive money but can only send. Some countries outside Africa are also in the Send Only category.
- Countries like Ghana, Egypt and Nigeria are excluded from Paypal entirely. If you’re in any of these countries, its safer to stay away from PayPal.
- No interests. In case you choose to leave your money in your Paypal account, you earn no interest on it unlike a typical savings account with your bank. An exception though is PayPal Money Market Fund for USA Paypal account holders who choose to opt-in.
Websites that pay via Paypal:
Paypal frowns at HYIPs and MLMs. Despite that, it would be practically impossible to list all the web-based companies that pay via Paypal. However, I have listed a few below.
- Publisher Ad networks: ValueClickMedia (formerly FastClick), Text-Link-Ads, ShoppingAds, Bidvertiser, Yahoo! Publisher Network (currently open to US residents only), Chikita eMalls, WidgetBucks, AdMob, etc. Minimal payouts vary from $10 to $50.
- Forex trading: Many forex platforms allow Paypal deposits, but not PayPal withdrawals. The following allow PayPal withdrawals: OANDA FxTrade, GCI Financial.
- Professional services: Are you a blogger? Web/Graphics Designer? Web Applications Programmer? Translator? Whatever you do, there are several websites like Elance.com, Maclance.com, Guru.com offer PayPal payouts.
The next blog post on this issue would discuss other online payment options. In the meantime, feel free to share your thoughts about Paypal.
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Related posts:
- Making Money Online: Getting paid by cheque
- Paypal moves deeper into Africa
- Why Paypal features in Africa are limited
- How to make money online. Useful tips.
- How Do I Make Money Online?
- Paypal expands to more African countries
- Nigeria: Internet Exchange, Making Money, Abuja, Political Endorsement, the Niger Delta
- Exchange Alertpay to Paypal
- Is a common African e-commerce platform possible?
- Paypal Nigeria
Well, we will just keep hoping the situation will change someday while we make use of other available alternatives. Cheers.
It’s really true if you want to do business online and you don’t have a paypal account, then you sure need to do a second thinking.
For us NIgerians it’s been a very difficult task. But Your Paypal Account has been helping Nigerians open, fund and withdraw money from their paypal account.
We hope that one day our reputation online will be good enough for paypal to allow us start doing business.
Hi,
These are just some few words to say that your blog is quite nice and interesting! Very well done.
Regards, from Portugal.
Cristina
hello friend
i registered with richmail and i got $100 in my acount and there are only 2 means to redeem this cash.
1 by paypal
2 crdit card
help
Hello Henry,
You need to weigh your options carefully and decide what is best for you. I am unable to help with that choice. The decision is best made by you.
All the best…
hi,
Quite nice,but the problem still is, what are the available alternatives.i’d luv 2 pick sm stuff online even now, genuinely, wat do i do.pls rply.thanks
Hi. Someone left a comment about how you’ve been able to help people with their paypal withdrawals and funding.If that is the case pls could you e-mail me some details. Thanks.
should have more info about how to earn money in paypal….but still its good
Hi,
Excellent post.
For me, I’ll stay away from Paypal since they don’t want Nigerians.
Have you guys heard that the so called Nigerian Scams were perpetuated from the Middle East? A Nigerian dalies carried it few months ago. (You can contact me if you want details)
Where still babies in the e-commerce industry and I believe that a time will come when Paypay will come to us.
Please I need help. I want to do a transaction online. But with this problem of PayPal, how do I get paid fom my online transaction with a foriegn firm?
Any one with paypal problem may contact me, perhaps you may use my paypal account to get your money.However, this will be on agreed commission.
Hello,
does it mean it isn’t possible for Nigerians to carry out on-line biz successfully?If it is and one makes money,how does one redeem his money?
Please do reply soon. Thanks
Hello Robert Reuben, there are other means of accepting Payment online. You can accept cheque payments and then deposit same into your bank account in your country.
Good afternoon Niyi,
With compliment. This is a good job that actaully touched many areas for the newbies like me.
please advice me,am interested in e-lecturing for students (flair for lecturing subject by subject) how do I go about it.
I am working presently as a finace person but want this by the side.
please reply urgently
Sina
Sina, I suggest that you consult a leading web design company and they would offer advice on how best to implement your ideas. All the best.
Nice and interestin Post!, can we do link xchange?