What is Payza?
Payza is a very convenient and safe answer for businesses and professionals to send and accept cash from any location within the world. Accounts are offered for those that need to use Payza for personal use also as business accounts for larger and complicated needs.
It functions similarly to other payment processing platforms and can perform traditional online payment transactions.
Payza is used in 190 countries and available in 22 currencies. The service has made a strong foothold mainly in developing countries, giving users in said nations a more affordable and convenient way to bridge the gap when it comes to receiving and sending money on a global scale.
History Of Payza
In 2012, Payza (formerly known as AlertPay) became a wholly owned subsidiary of M H Pillars, a company which was founded in 2005. M H Pillars, a British company, provides white label prepaid card solutions worldwide. In 2012, AlertPay was rebranded Payza and was launched by M H Pillars as a new online payment processing platform which would make international transfers easier for businesses and individuals.
Payza is ready to service companies of any size that want to try and do business online. Payza is determined to help under-served markets in third world countries, enabling their citizens to be part of the global market.
Communications director of M H Pillars, Pontus Ljunggren stated, “We are confident that the services we provide will directly contribute to improving the standard of living and quality of live for citizens of developing countries. Payza can contribute on to local economic process by facilitating cost-competitive transactions across borders.”
=> Payza Features
Foreign exchange services
Mass and single remittances
Business management tools
Requesting and processing payments
Set up websites for e-Commerce
No setup fee
No monthly fees
No PCI compliance fees
No cancellation fees
24/7 customer service – email, phone, chat, Twitter and Facebook
Single click shopping cart integration
Detailed transaction history
Related Post => What Is PayPal | Complete Review Of PayPal
=> Benefits Of Payza
Payza comes with all the features one expects from an internet payment process platform. The system makes it terribly convenient for users to send and receive cash worldwide. Payza will perform several payment-related transactions and allows users to just accept payments via ACH transfers, bank wires, cashier’s checks, bitcoin money orders, or credit and debit cards.
Payza management also guarantees to stay the platform as easy, international, versatile, and secure as possible. The service now caters to over 9 million users worldwide and that figure keeps on growing, giving users access to a very large customer base, which is beneficial for online merchants.
Available in 21 completely different currencies, Payza provides users flexibility when it comes to accepting payments. Users conjointly enjoy plenty of choices once withdrawing their funds – bank wire, bank transfer, Payza paid card or check (U.S. members only).
Adding additional flexibility to the equation is that the ability to personalize the checkout method. For users with deep data and experience in API, giving their checkout platforms with their own twist is doable via Payza’s varied apis and support from the Payza Developers’ Community.
Payza is very easy to use and intuitive. A short time getting aware of the system is all it takes to urge things going and create Payza a core component in any business structure.
=> Consumer Wallet Features
If you would like to load funds into your Payza account, it’s about to value you, which is a major difference between it and PayPal. How much depends on the method you use. There’s the first red flag.
The second red flag is that it’s not free to send money to friends and family, which is pretty much the industry standard. Even Square Cash doesn’t charge for personal transactions.
Payza does have an option where the sender can pay the fees, but this isn’t mandatory, and so for people to receive money, they’re already losing 2.9% + $0.30 (depending on where you live, of course). You can also request money in the app.
However, it’s price noting that the Payza billfold app is simply offered on android, not iOS. That might not be a deal-breaker for some, but it’s inconvenient for Apple users.
=> Merchant Services
Payza’s merchant services are centered entirely on online sales. If you would like a mobile POS choice à la PayPal Here or square Register, you’ll have to go elsewhere. But that said, if all you’re interested in is eCommerce, here’s what you’ll get from Payza:
Payment buttons=> you’ll implement Payza’s customizable payment buttons with simply many lines of code.
Multiple payment options=> accept wallet payments, credit cards, and other “local solutions” based on your country.
Guest checkout=> Reach Payza members also as different customers with guest checkout.
Bitcoin support=> Wallet users can load Bitcoin to their wallets as well as transfer their Payza balances to their Bitcoin wallets.
Recurring purchases/subscriptions=> There’s not tons of data offered on Payza’s recurring payment choice, but it seems fairly flexible and is free to use — unlike PayPal, which will cost you $40/month. Stripe and Braintree both offer free and very solid recurring payment options, though, and Square now supports it too.
Mass payments=> whether you use a marketplace or simply need a simple thanks to send payments to your staff, Payza’s mass pay feature will help. Payza conjointly has AN choice for split payments, which will be useful for marketplaces.
Donations=> Nonprofits can also set up donate buttons. Disappointingly, there is no nonprofit discount.
Invoices=> you’ll send an invoice without charge with Payza. Like most alternative online invoice services, you’ll pay fees after you get paid. Please note, you might encounter holds on orders that take longer than 28 days to fill.
Hosted payment page=> With Payza you do get a hosted checkout page at fully no extra cost. With PayPal, which will value you$30/month (because you wish PayPal Pro).
Shopping cart integrations=> Payza integrates with Zen Cart, 3dcart, CS-cart, Open Cart, X-cart, and PrestaShop, among other shopping carts.
Remittance=> SimplySend BD is a remittance platform where workers can send money from Payza to their families in Bangladesh. It’s only available in Bangladesh at the moment, and there are fees associated with it.
PCI compliance=> Payza is PCI-DSS Level one compliant, which means as a merchant there is precious little you’ll have to worry about. This is always nice to see, but it can vary wildly from one processor to the next.
Fraud monitoring tools=> Payza isn’t clear about what its FraudMatrix is or does, or what fraud prevention tools are available to merchants. Generally, though, something is better than nothing.
Payza Pricing & Fees
The following are transaction fees for the UK: –
Send or Receive Funds
Free – Open an account
2% – receive funds in Bitcoin
90% + £0.30 – receive funds
Free – send funds
£6 – Bank Wire
5% – Credit Card
Free – Bitcoin
Bank transfer – less than £200 – rate per transaction £5
More than £200 – rate per transaction Free
Bitcoin – from BTC. Miner Fees 0.00045
Bitcoin from Fiat currency. Miner Fees 0.00045. Exchange Rate: $7800.19
Bank transfer – £2.25
Credit card payment will start at 5.49% + $0.65 receiving fee
Interac payments will start at 2.5% + 0.79 receiving fee
Higher fees apply to some industries – 3.90% + £0.59 for receiving funds
For currency conversion with a transaction, the foreign exchange rate includes 3.5% over the wholesale exchange rate at which Payza buys its currencies. For manual currency conversion, the rate includes 2.5% over the wholesale exchange rate. Exchange rates are adjusted regularly.
Signing Up for Payza
When you sign in with Payza, you’ll have to choose your account: Starter, Personal, or Business.
All accounts are free, but starter accounts don’t require the verification that personal and business accounts do. And as a result, there’s low limits on the amount of money you can receive.Personal accounts are, unsurprisingly, for consumers. The limits are below for business accounts however more than starter accounts.
Your limits are as follows:
Verified Business Accounts:
Send/receive up to $50,000 at one time.
Withdraw $9,999 per bank transfer/wire transaction.
Unverified Business Accounts:
Receive unlimited funds.
Verification required to withdraw.
Verified Personal Accounts:
Send/receive up to $50,00 at one time.
Withdraw up to $9,999 per bank transfer/wire transaction.
Add up to $5,000 per bank transfer, or up to $9,999 per bank wire.
Unverified Personal Accounts:
Send up to $999 per transaction.
Send up to $4,999 per account lifetime.
Add up to $999 by bank transfer or wire.
Withdraw up to $999 by bank transfer.
Starter Accounts (No Verification Required):
Send/receive money for free.
Receive up to $400/month (max $2,000 over lifetime).
After you hit the bounds of a Starter Account, you’ll have to upgrade to a personal account to keep accessing your funds.
If you actually need to use Payza absolutely, you’ll need to get verified, which means providing more personal information to prove your identity. For businesses, that means proof of business registration and organization type, business address, and information about any and all stakeholders who control more than 25% of the company.
Nonprofit organizations will also have to provide the same sort of documentation.
Then, there’s one final step before you’ll be able to begin taking payments: you wish to submit your web site to Payza for approval. That means you’ll have to provide them with a link to your site for review. This can take an additional 3-5 days to go through before you can sell.
It’s also value noting that Payza only supports a collection vary of business classes. If yours doesn’t work neatly into one, you won’t pass the verification process or website review.
For transparency’s sake, it is entirely possible that any other third-party processor will also ask you for additional information at any time.
However, that typically doesn’t happen to US merchants unless you have a high rate of chargebacks or you approach reporting limits for a 1099-K form ($20,000 in income yearly and 200+ transactions). For Payza to need this and not build it into the signup process….just baffles me.
=> Customer Service & Support
Payza offers customer service through your standard channels: there’s an email/ticketing system and social media, as well as a self-service knowledge base and a reference center (targeted at developers, of course).
There is no phone support (which is usually a pain point for most payment processors), but you do get access to live chat.
I was irritated that Payza doesn’t post its live chat hours on its support page — but once again, Google is my friend. I managed to find out (by Googling) that live chat is available 10:30 a.m. EST to 6:30 p.m. EST, Monday through Friday. That’s not the most generous timeframe, but it’s better than nothing. Being able to reach a live person is important.
As I mention before, the knowledge base doesn’t actually have a working search function, which is incredibly frustrating. The navigation system largely logical, with everything sorted into neat categories.
However, some of the knowledge is superficial and it doesn’t cover everything you would want to know if you were setting up your account.
I found the reference center to be more useful in delving into Payza’s features and capabilities and the basic setup process. So I recommend that you start there as well.