Electronic Money (E-Money) is money that cannot be touched or held but can be transacted online. It is borderless which means that you can actually pay or receive e-money from someone on the other side of the world, all through your computer. Payments are made in real time and the money is transacted online instantly. E-money also allows small transfers starting from 1 cent! Obviously e-money can be changed into real paper money any time the owner decides to.
The payment systems are safe and nearly impossible to forge, however it is advised to install some security on your computer to ensure that you don't have any viruses or any other keyboard spies.
E-Money is possible through a variety of methods. Below is a set of payment systems and processors that will help you get started. Sign up is free.
1. e-gold - an electronic currency issued by e-gold Ltd., a Nevis corporation, 100% backed at all times by gold bullion in allocated storage. International service. It costs nothing to open an e-gold account. There is no credit check and no minimum balance requirement.
2. OmniPay - a currency exchange service supporting the e-gold family of currencies. This service allows you to exchange your e-gold into a cheque for a tiny fee. International service.
3. PayPal - an electronic payment system which allows you to send/receive money to/from any person with an email address. This system is owned by eBay since 1998 and is very secure, however the service is not international and available in only 51 countries around the world.
4. Stormpay - a popular payment processor that is accepted in many instances when PayPal is not. Fees are a little bit on the larger side, but can be cut in half by getting NetIBA certified.
5. MoneyBookers - a tool that allows you to safely send and receive money via email - instantly. You can send money from your credit card, transfer money to and from your bank account. Use Moneybookers whenever you need to send money to someone (settle a debt with a friend, pay for online purchase/auctions...) or when someone needs to send money to you. International service. MoneyBookers always offers you the possibility to transfer your money directly to your bank account!
