Sarting Online Business Step-By-Step (Part-2)

The major problem for online business is Payment processing. The most common payment system in online business is PayPal.com but unfortunately they do not allow bangladeshi people to sign up. You will notice that most of the buyers/sellers prefer PayPal.com as their payment processor. Credit card payments are not that much safe in online business because of the hackers and scammers.

But good news is there are a few other ways you can get payment in Bangladesh. First of all, you can us the International money transfer agencies like Western Union, MoneyGram and some others. You can check their sites at:

www.westernunion.com
www.moneygram.com

But always remember one thing that the main goal in online business is quick service and payment. So many sellers won’t accept Western Union or Moneygram as your payment system. Also their fee is a bit high which will eat up almost all of your income at the first days of your online business. So you better avoid them.

Now there are few more online payment systems available for bangladeshi people such a…

MoneyBookers.com – You can get a free account but you have to verify yourself which takes 3-7 days for them to mail you verification code. You can receive and send money to other MoneyBookers members. You can transfer the money to your Bangladesh bank account using wire transfer.

Visit: www.moneybookers.com

iKobo.com – iKobo is the best option for Bangladesh in my opinion. Your client can pay using CC or Bank Wire at iKobo.com and iKobo will send you a VISA Debit Card using FedEx which will cost you $11.95 USD and you can use the card at any ATM that accepts VISA.

Sign Up with iKobo.com

Check Fees Chart at iKobo.com

IMPORTANT: Though PayPal.com doesn’t allow Bangladesh but many users from Bangladesh create fake account and use them. But always remember they will find you some time and block your account. So what you will get is: YOU WILL LOST YOUR HARD EARNED MONEY. So don’t try it, rather you can request your friends from abroad (for example, Australia, Malaysia, USA, UK etc.) to create an account for you and manage the money transfers. When your balance reaches $100-$200, you can tell them to wire transfer to your bank account or using Western Union/Moneygram. Its much easier and reliable. Both of you can use a common email address to signup with PayPal.com and you can check the mails they will send you to confirm that your client paid you properly and don’t need to login to PayPal.com from Bangladesh.

There are some more payment processors like Stormpay, Alert Pay and some more. You can check them also. Just type “Online Payment Processor” or just “Online Payment” at Google.com and do a research. Keep visiting forums like Digital Point to get updated news on payment systems. Also they have a separate section where people only discusses about Payment Processors.