Everyone has probably already heard the term e-wallet used in a conversation before. But not everyone understands what they are or how they work. We will help you find the information you need and help you to find a great platform to use.
The Inner Workings of an E-Wallet
What many people refer to an e-wallet is simply a platform for digital financial accounts. Using these types of platforms, you will be able to quickly and safely send and receive money using an electronic device. Now, if you were to create an account with one of the platforms offering these services, you would be able to shop online pretty much with every merchant worldwide. However, there are some merchants that will not accept certain e-wallets for payment. So make sure to use a platform that is generally accepted everywhere online.
These types of platforms were actually created to make payments simpler for you. They are not only easy to use, but they also have more security, making them a safe alternative to giving out your bank or credit card information. I personally love these types of platforms because I absolutely hate having to put my information in every time that I decide to make a purchase online. With an e-wallet platform, you are able to go through a speedy checkout and buy your item(s) in seconds, rather than minutes.
PayPal is our favourite e-wallet platform along with Skrill. It is loaded with features and even some cool, free, gadgets. If you sign up with PayPal business account, you are able to get a card reader for free! What is a card reader? A card reader is simply a device that you attach to your smartphone in order to accept payments from others that only have credit cards or PayPal accounts, but no cash on hand.
One of the many cool features of PayPal is that if you did not mean to send money to a merchant or a merchant took money out of your account without your permission, you can get a refund in as little as three business days, without questions being asked, or going through a lengthy process. Of course, as soon as you have created your account with PayPal, you will be able to make withdrawals, deposits and transfers with your money. Usually, money deposits into PayPal take as little as a minute and the transfers to a bank account usually only take one business day.
Skrill is very similar to PayPal, just as secure, payments and withdrawals are just as fast. As soon as you have created your account and put in your bank information, you will be able to make deposits, withdrawals and transfers. One of the best features with Skrill is that the international money transfers are very low-cost compared to most e-wallet platforms.
Neteller, like Skrill and PayPal, is another type of e-wallet platform. The sign-up process is very simple and the platform is super secure. One of our favourite features of this platform is that you can get a Net+ card for using your money, similar to PayPal and Skrill.