Payment Processors and Their Popularity in Asian Region

There are two types of payment processors. First type is free for the merchant to register their accounts while and the other type require either one time fee or monthly fee. What’s the difference between these two? The free type gives advantage for the merchant because it’s free for them to join and open accounts, on the other hand, it gives a bit hassle to buyers because they have to sign up with the payment processor first before they can enter their credit card information and continue making payment. Among free type of payment processors, no doubt PayPal is the most popular one in Asia region. PayPal has been running for the past 10 years and the popularity increases when ebay bought them a few years ago. People in Asia feel also having no difficulty to withdraw their funds from their PayPal account. They can choose by wire transfer or check or using a debit card. However, different types of withdrawal options only available in different countries. As more and more Asian people involve in buying and selling on eBay, definitely they have to use PayPal as the medium of receiving and making payments. Two years back, a new payment processor which based in Asian country, Thailand was launched. This is the first and one-of-a-kind Asian payment processor existed on net recently. However, Asianpay is not much preferred by Asian people maybe because it’s still new and lack of promotion. The issue from the investment program which was introduced by AsianPay more or less affected their business too. AsianPay had introduced an investment program which called The investors Corner last year. They claim that they used the investors’ money in buying and selling digital gold. However, the delay payments in investors’ return have raised bad rumors about this company and as a result give bad reputation and decrease their credibility. For second type of payment processor, merchants have to pay either one time fee or monthly fee. Among this type of payment processor, WorldPay is famous in Asia region. WorldPay charges a monthly fee to every merchant. But WorldPay gives more convenient to buyers compared to free type of payment processor because buyers only required to enter their credit card information in order to make payment without going through sign up with payment processor process. Other than WorldPay, another non free to join type of payment processor that gains attention and popularity in Asia is 2CheckOut or 2CO. 2CheckOut charges a one time fee of $49. 2CheckOut works together with PayPal because members can fund their accounts via Paypal. People in Asia region have no problem to withdraw their funds from 2CheckOut accounts as they can request it via check. There is an advantage for 2CheckOut in comparison to the other three payment processors discussed above. 2CheckOut has its own affiliate program where merchant can list their products regardless tangible or digital products and services and those who are interested to become affiliates can register, find products, start selling and earn commission. Another payment processor which has similar features like 2CheckOut is ClickBank. However, ClickBank doesn’t accept several Asian countries.