WebMoney Payment System

WebMoney is a way to make online payments and provides secure and immediate transactions. It has been in existence since 1988 and allows users to store their right for assets at entities called Guarantors. The Guarantors are in various locations and they will store all sorts of valuables.

The users have to register a purse which will contain their rights. They each have an identification number and there are several different types. There are bank cheques in Russian Rubles, Goods certificates in US dollars, bank cheques in Euros, Bank Account claims in UAH, electronic Belorussian Roubles, Warehouse receipts for gold in a storage area and prepaid transfers in Vietnamese Dongs. These are all measured in Webmoney Title Units and cannot be interchanged. This means that each purse can be added to or sold, but there cannot be transfers between purses.

The users are able to open as many purses as they wish and these are all combines in to one repository under one identification number to simply things. Every member has to sign an agreement with regards to the use of their identification number. It will allow them to perform operations with Purses but to also exchange messages with other members.

There is a selection of tools available for members to be able to do this and the account level will be determined by which tools are required. There is the keeper classic which is a standalone application that runs on Windows and can be installed on a PC. There is Keeper Light which is a browser app with a personal certificate and secure connection. There is the Keeper Mini which is another browser application and the keeper Mobile that can be used on cell phones and other mobile devices. There is also an embedded version for social networks.

For users to be able to interact within the system they have to provide personal identification data. This is checked and verified using webMoney. The user will then receive a WebMoney Passport . It is only possible to transfer funds between the same purse types so for example both must be in Electronic Belorussian Roubles rather than one being a Goods certificate in USD and the other being bearers bank cheque in Russian Rubles. Once a transfer is made, it cannot be reversed.

To keep their customers safe. WebMoney has devised a selection of security features. They have secret key files where identifiers, passwords and keys have to be used. They also use personal digital certificates and an e-num authorisation service. Users can also hide their personal details from public view if they wish and they have to go through a detailed verification process before they can even open an account.

For merchants that system has a lot of advantages. There are no weekly or monthly fees and payments are instant with no chargebacks. The fees for withdrawals and transactions are low. There is already a large customer base and there is professional marketing support. It can be a useful way to collect customer funds. It is possible to withdraw funds regularly and there is a low commission fee. The system can also be used for receiving payments. Different services have different fees, all of which are explained in full on the website.

There are a number of logos and banner that developers and webmasters can use. This means that it is easily possible to use the system to set up a trading service to sell goods digitally with online delivery. The interfaces have already been put together to make it easy for developers to work with them.

So WebMoney provides a facility for ecurrency transfers They have secure operations and can also set up automated payments and an easy exchange service between business partners. It is possible to set the system up to work on a mobile phone so transactions can be made on the move in a secure way.

It can be used for paying for goods and services and the website contains a catalogue of sellers who accept Webmoney as a way of payment. It can also be used to provide instant payments to service providers. It can be used as a way of paying using prepaid cards in Europe, digital cheques, email money transfers or ecash. It can even be used for topping up bank cards and for automated payments for periodicals. It has high security so users need not worry about the risks on online transactions. There is an identity verification process and Escrow is an option as well so conflict can be prevented between parties. It is possible to transfer money in and out easily and use it to make bulk payments. It can be incorporated in to a website so customers can use it to pay for goods and services. There is also the option to borrow money. You do have to have a WebMoney Passport to be accepted for this and you will be able to specify how much you want to borrow and how long for. You are also able to lend money out if you wish to and this could be a way to make money. However, there is a risk if the other party does not pay the money back and WebMoney do not take any responsibility for this.

In addition to the monetary features there is also a secure messaging service which can be used by customers. This allows discussions to take place with regards to financial matters or other personal things without the worry of them being intercepted. There is also a task management service and reports can be generated with each purse. There are even information services that can be used.

So WebMoney is a system of making online transactions in a secure manner that has additional features. It does guarantee high security which is very important to many people. Everyone is aware of the problems with online monetary transactions and so using a company with such strict rules with regards to security, means that they will feel safe and well protected.