moving money homehome

Technocash V. Paypal

  1. Paypal is a credit card processing system. Technocash is a very flexible cash-based international account that allows you to securely and cost-effectively send and receive funds.
  2. With Technocash, sellers can be confident that they have cleared funds and no risk of fraud or chargebacks, unlike with credit card payment systems such as Paypal.
  3. Technocash lets you directly connect to the local banking system in Australia and New Zealand, and collect cash payments from over 4000 Australia Post outlets. Everyone in Australia can pay, even if they do not have a credit card. Australians are not generally Paypal users.
  4. Buyers can bid in Australian dollars and pay locally via Technocash.
  5. You can confidently ship the goods as TECHNOCASH payments are like cash. There are no chargebacks as with credit card payment systems such as Paypal.
  6. There is only a competitive 3% transaction fee that is charged when you receive the money from your buyers. Paypal will usually charge sellers 3.4% plus $0.30 AUD.
  7. TECHNOCASH is a very flexible cash-based payment service that allows for transfers of money, person to person or business to business, organization to members, to buy goods and services on the internet without the need for a credit card and the use and handling of multiple currencies.
  8. Sellers may transfer funds to their home country. You can transfer any currency that your Technocash account supports, or you can keep the money in AUD - the money will still arrive in the currency of your home bank account. Paypal, by comparison offers a poor conversion rate for the seller’s home currency and charges a high margin.
  9. Paypal sellers have to convert to their local currency, and then send money to their home bank. The conversion margin is 2.5%
  10. Technocash allows sellers to use bank rates. Technocash intra-account conversions typically use a 1% maximum margin.

Feature

Technocash

Paypal*

System

Accepts Cash or cash-like payments system

Credit card processing system

Funds

Cleared funds

Risk of fraud or chargebacks

Access

Local banking system & Australia Post outlets & Wire Transfer in the currency of your choice.

Credit card, bank account

Buyer

Everyone in Australia can pay

Australians are not generally Paypal users

$5 transfer directly to US Bank

Yes

No

CashBack Rewards Program

Yes

No

Coverage

Send funds to anyone, any country in the world

Only people from 103 countries can send funds to a Paypal account, and sellers can only send funds to 50 countries from their Paypal accounts.

Payment methods

Direct Deposit, Internet Banking and Australia Post

Credit card, bank account

Speed

Next business day, full transaction reports

Paypal account balance instantly

Shipping goods

Confident to ship goods as all funds are cleared.

Hesitation as Paypal are still holding the funds

Service Fee

3% transaction fee,
negotiable for high volume sellers

3.4% + $0.30 AUD (website)
Sellers comment that they are usually charged between 3.4% - 3.9 % plus surcharges

Receive Funds

Receive any amount you like, no minimum, no maximum

Maximum of USD $10,000 or equivalent

Margin on Conversion

1% maximum margin

Expensive conversion cost at 2.5% margin

Supported currencies

9 major currencies – can send to any bank account worldwide

16 currencies – sellers can only send to 50 countries

Chargebacks

None as all funds are cleared

$15 AUD chargeback fee to seller for chargebacks

Send / Withdraw Funds

Unlimited for verified accounts.

Send any amount you like, no minimum, no maximum

Multiple currencies, send funds in AUD or any other supported currency

Minimum applies, such as $15

Maximum of USD $10,000 or equivalent

Have to make currency conversion to home bank account

Withdrawal pricing

Money to Australian bank AUD $0.50

AUD $ 1.00

Refund

Easy to refund your buyers with the control of your Technocash account

 

Security

Australian Government licensed Financial service

Australian Government licensed Financial service

Loyalty Program

Yes

No

Member Card Availability

Yes

No

Write US check

Yes

No

SMS Cash Voucher

Yes

No

 

* Information taken from www.paypal.com as at 14 November 2006.