Alternative Payment Systems
Issue 71, June 15, 2003

Dear Friends,

While credit card use is well established in the US, we're beginning to see alternate ways of paying which suit those in our world who don't have ready access to credit cards. Some, like Cyphermint's PayCash system and iKobo's Visa debit card have some intriguing possibilities for e-marketers. Others like e-gold seem dead on arrival. 

In this issue I describe some of the newer payment systems out there. Some, like CCNow, ClickBank, DigiBuy, Kagi, and PayPal, I've either reviewed before or are fairly well-know already. In this issue, you'll find:

• Comparison chart and graphs of alternate payment systems
• Product Brief: 2CheckOut
• Product Brief: Cyphermint/PayCash
• Product Brief: e-gold
• Product Brief: iKobo
• Product Brief: Moneybookers
• Product Brief: PaySystems
• Product Brief: ProPay
• Why I Use a Merchant Account and PayPal

There's a lot in this issue, so let's get to it. If you're brand new to e-commerce, perhaps a better starting point would be my one-hour live Web Seminar on "Introduction to E-Commerce Payment Systems" offered once this summer on Wednesday, July 23, at 9:00 am Pacific Daylight Time (www.wilsonweb.com/webinar/ecomm_intro.htm).

God bless you,
Dr. Ralph F. Wilson, Editor

P.S. Get up-to-speed on web marketing with my 6-hour Doctor Ebiz Internet Marketing Seminar live on the Web, including Voice over Internet, live video feed, PowerPoint slides, questions and answers, bonus e-books worth $281, and a free headset (US only). Prices are excellent and, for residents of many countries, heavily discounted. Begins July 22, August 4 and August 12. http://www.wilsonweb.com/webinar/dre_sem/

Comparison chart and graphs of alternate payment systems

Take a look at this chart and graphs for a good overview of alternative payment systems (besides your own merchant account). Includes price comparisons, type of goods sold, and international access. See the Comparison.

Product Brief: 2CheckOut

Here's a system very similar to CCNow, but less expensive and more flexible. It is open to merchants from around the world and can sell both tangible and digital products. You don't need a merchant account for this and a simple shopping cart is included. Read the Product Brief

Product Brief: Cyphermint

Cyphermint is a company that bears watching. They are a US affiliate of Russia's successful PayCash.ru, a cash system connected to banks. It is widely used for e-commerce in Russia, where many people don't possess credit cards. Now Cyphermint is involved with kiosks in Seven-11 Stores to facilitate cash payments, giving them plenty of momentum to establish the Pay Cash system in the US. Hmmm. Looks interesting. Read the Product Brief

Product Brief: e-gold

If you want your e-money backed by gold bullion, you can make money transfers via e-gold. The only hitch -- no easy way to get the gold into your free account. Oops. Read the Product Brief

Product Brief: iKobo

Here's a novel concept, designed for merchants who have trouble getting payment for purchases made on their website. Has order buttons that take credit card payments, with money picked up by the merchant using a Visa debit card in an ATM anyplace in the world. Read the Product Brief

Product Brief: Moneybookers Payment System

Moneybookers is a UK-based company that offers a PayPal-like system without PayPal-like ease-of-use. Though it is available to merchants from some countries where PayPal is not available, I don't think it has achieved enough critical mass to succeed at this point in time. Read the Product Brief

Product Brief: PaySystems

Here's an interesting alternative to CCNow and ClickBank for about 3.95% -- also open to merchants from a great many countries. Read the Product Brief

Product Brief: ProPay

This system allows merchants to manually enter customer credit card numbers using a web interface, but the e-commerce version is substantially more expensive. Read the Product Brief

Why I Use a Merchant Account and PayPal

Do you need more than one payment system on your site? If you have a merchant credit card account, isn't that all you need? I don't think so -- not if you're interested in tapping new markets. Read the Brief Article.

New Ecommerce and Web Marketing Articles

Each month our team of link editors scours dozens of online periodicals and resources to find key information on e-commerce and Web marketing. With so much new literature available to you, how do you find what you need quickly and painlessly? Here's a selective and searchable database of article and resource links to help your research and keep you up-to-date in the field. (Links gathered in a given month are usually available during the second week of the following month.)