E-commerce payment system commonly known as “Online Payment System” is the most common form of payment for e-commerce transactions over the internet. Popular companies like Paypal and Payza allow users to make transactions over the internet safely by enabling them to create an online account. Users transfer their funds from traditional bank accounts or credit cards to these online accounts viaAutomated Clearing House (ACH). Users can therefore send/receive online payment securely. Although a credit card can also be used but it has a huge risk of credit card fraud. Therefore for eliminating this risk Paypal and other such online payment systems are used instead.
But there’s a problem with these services. Although a variety of reputed companies like Paypal, Payza and Moneybookers offer online accounts, only few of them provide their services in Pakistan. PayPal, for example, is banned in Pakistan. So what should people do in countries such as Pakistan? The two best alternatives that offer these services in Pakistan are Payoneer and Moneybookers. So which one is a better option for people, especially freelancers living in Pakistan?
Moneybookers (Skrill)
Skrill formerly traded as Moneybookers was founded in 2001, and since then it is offering its services to people. It offers the following services to customers:
- Digital Wallet
- Shop Online
- Receive Payouts
- Moneybookers MasterCard®
- Skrill World Post – Shipping from the US
- Transfer Money Internationally
- Deposit Money
All these services are available to Pakistani customers. However Moneybookers MasterCard is not available for Pakistan. One of the best unique service of Moneybookers is Skrill World Post. World Post offers cheap, fast and secure shipping from the US delivered to your home ,the shipping is tracked and insured. Pakistanis can upload funds via credit card (1.9% deduction) or through SWIFT account (Free). Funds can be withdrawn via check ( 3.5 EUR deduction) or by SWIFT account (1.8 EUR deduction).
However for receiving payments via Paypal or any other online account a deduction fee of only 0.5 EUR is charged and sending money to any supported online account is absolutely free.
Payoneer
Payoneer, another reputed company was established in 2005. It allows users to send/receive online payments via prepaid MasterCard debit cards. Payoneer is registered MSP (Member Service Provider) worldwide i.e. Its MasterCard is accepted globally. It also allows users to send/receive payments to or from local e-wallets. Payoneer is the only company that offers MasterCard s to Pakistani customers. And whats great about this fact is that customers can apply for a MasterCard at absolutely no cost.
The fee charged for reloading MasterCard is 1% of amount loaded, if transferred from checking or saving account. 3.75% is charged if amount is loaded from Visa or MasterCard. And customers can withdraw from selected local ATMs (MCB, Citi Bank, Standard Chartered), although no fee is charged for withdrawal by Payoneer, local ATMs might charge a fee for transaction.
Another service provided by Payoneer is Virtual Prepaid Card, The Payoneer virtual MasterCard eliminates the need of a physical card. A virtual car cannot be stolen, and can be used globally the same way as the customers use the MasterCard.
So, which service have you had experience with? And which would you recommend? Please leave your experiences in the comments section below. Hope this post helped. Cheers 
