Best PayPal Alternatives in India

PayPal is one of the most popular online payment service used in India but as we see in past few months the tiff between PayPal and Government of India has been a disaster for SMB's units in India. People in India unable to withdraw money via PayPal account till they get IEC code.

We had already discuss once about the alternative of PayPal "Use Xoom to Get your money from PayPal to your Local bank" but that too is not too much efective. Here are some best alternatives available for PayPal and can be consider for online payment processing.

www.moneybookers.com : It is free to join and is available for transaction in a lot of countries. It also provides bank transfers unlike PayPal, where the only option is to receive the money by check. It is fast, easy to use and very secure. Moneybookers enjoys tremendous popularity owing to these factors.

www.alertpay.com :AlertPay ensures the safe and speedy transactions by credit card, allows transactions from more than 190 countries, has provision to shop and sell securely, and permits flexible depositing and withdrawal options. The AlertPay online business account is designed to specifically help online businesses.

www.ikobo.com : iKobo has been helping people send money safely, quickly and easily since 2001. With iKobo you can send money anytime day or night and money can be picked up using the iKobo prepaid Visa card at over 1 million ATMs worldwide. The iKobo card can also be used to make purchases at the over 20 million stores that accept Visa

www.2checkout.com : This international online payment service has proved to be a secure reseller for thousands of tangible and digital products and services. Fast and easy to use, this service employs effective fraud detection mechanisms. The service also promises a 30 day money back guarantee in case of dissatisfaction.

www.epay.propay.com :ProPay has been instrumental in providing simple, safe credit card processing and electronic payment services. It also provides a suite of secure, end-to-end, enterprise payment solutions. This service helps businessmen to set up online accounts and accept payments without any long term investment or commitment. It also educates merchants on how to eliminate or reduce the risk of holding sensitive cardholder’s data.

Happy Blogging ! 
Nitin Chauhan | nitin@maximumhit.com | www.maximumhit.com
http://nitinmaximumhit.blogspot.com "We brand our clients to stand out from the competition."

Get IEC Code for Paypal Withdrawal in India

To  keep a track on the money coming to India via PayPal, Ministry of Commerce and Industry has introduced this criteria where individuals need to fill in this ten digit number(IEC Code) to get their money out of the PayPal account.

Let me tell you what’s the IEC is ?

IMPORTER EXPORTER CODE ( in short IEC ) is a ten digit number granted by Directorate General of Foreign Trade under Ministry of Commerce and Industry, to any bonafide person/ company for carrying out import/export.

Where to get an IEC from?

IEC can be obtained from any of the Zonal and Regional offices of Director General of Foreign Trade depending on area/region where the individual/company is located. You can find a list of offices here.

Application procedure

The application form can be downloaded from http://www.dgft.org

The documents that you need for filing the application:

For Proprietorship firms:

• Covering letter
• Date of Birth of individual
• Number of IECs held along with their details
• Bank Certificate from the bank on Bank letter head as per proforma

For Companies:

• Covering letter
• Bank Certificate from the bank on Bank letter head as per proforma
• Extract of Board of Resolution.
• MOA with Form 32 and ROC in case of change in Directors.

For Others:

• Covering letter
• Bank Certificate from the bank on Bank letter head as per proforma
• Notorised Partnership Deed showing date of formation.
• No Objection Certificate from other partners/HUF.

Guidelines for filling the application:

• Fill Part A, B & D of the application form.
• Self certified copy of Permanent Account Number (PAN) issued by income Tax Authorities.
• Two copies of passport size photographs of the applicant. The photograph pasted on the banker’s certificate must be attested by the banker with Seal and Signature of the applicant.
• The application must be submitted in Duplicate.
• Each individual page of the application must be signed by the applicant.
• Self addressed envelope stamped with Rs. 15 (Local Address) & for others Rs.20/-. These documents may be kept secured in a file cover.

Fees for Applying

Application fee is Rs. 250/- which can be paid through Demand Draft/ Pay Order from any designated bank in favour of Zonal Joint Director General of Foreign Trade  of that region/ area.

How to submit application

Application can be submitted in person/by Authorised Employee of the Company at the R & I counters in the office Or It can be sent by post/courier.

Processing of Application

The application can be submitted at the counter in person at the office or it can be sent through Post/Courier. An acknowledgement in form of a receipt having File Number is generated on receipt of application. The file number is used for any correspondence/query regarding the IEC application submitted to the office. The application is then sent to IEC section where it is processed. If the application is found complete in all aspects (as per requirements prescribed) an IEC is generated, or else a deficiency letter stating the nature of deficiency is prepared and sent to the applicant. Replies are awaited in cases where deficiency letter is issued and after due compliance by the applicant the IEC is allotted.

Issue and Despatch of IEC

IEC allotment letter is sent through post at the registered office mentioned by the applicant in the application. Similarly deficiency letters are sent to applicant by post.

IEC File No. and Status

IEC application status available on the website of CLA

File No for IEC application

A new option to know the file number has been introduced for all exporter who are sending their application through Post/Courier. The applicant has to input PAN number to get the file number.
Status of IEC Application
The applicant can know the status of the IEC application using option “Status of IEC Application” on the website of CLA.
IEC issued day wise
IEC’s issued daily can be viewed on the website using option “IEC issued day wise”
File No for IEC application
Applicant’s who have sent their application through post/courier can know their file number using option “File No for IEC application”

Source: Ministry of Commerce and Industry, India

Happy Blogging ! Nitin Chauhan | nitin@maximumhit.com | www.maximumhit.com
http://nitinmaximumhit.blogspot.com "We brand our clients to stand out from the competition."

PayPal Update : RBI has allowed us to continue local bank withdrawals

We have been diligently working with the RBI and our business partners to resume Indian bank withdrawals for the thousands of Indian businesses who depend on PayPal to sell their goods or services in the global marketplace.

Today, we are happy to announce that the RBI has allowed us to continue local bank withdrawals for settlements for exports of goods and services.  We are currently making changes to comply with Indian regulations for settlements for exports of goods and services, and we anticipate that, as of Wednesday,

March 3rd, customers will be able to use our bank withdrawal service. 

As part of the changes, you will be required to fill out a new field entitled 'Export Code' when you request a withdrawal. This information is required under the current laws of India in order to identify the nature of cross-border merchant transactions. 

Moving forward, the RBI has told us that PayPal needs specific approvals to allow personal remittances to India, which we currently do not have.  Until we get these approvals, personal payments into India will remain suspended.  However, if you are an exporter, you will continue to be able to use the PayPal service for payments of goods and services.  In fact, with the changes we are making to our system, PayPal is now set to be a more powerful engine for exporters in India.  With purpose codes for export transactions and FIRCs (Foreign Inward Remittance Certificates), you should now be able to get the export related benefits you seek.

You can check the PayPal blog for additional updates.

Happy Blogging !

Nitin Chauhan | nitin@maximumhit.com | www.maximumhit.com
http://nitinmaximumhit.blogspot.com "We brand our clients to stand out from the competition."

Use Xoom to Get your money from PayPal to your Local bank

As i mentioned earlier in my blog post's that users in India facing problem to withdraw their money from Paypal via Local Bank. Here is an alternative to get your money in your Local bank with the use of XOOM service.

 To catch the market XOOM providing an promotion coupons also which save more to you on fees charged by XOOM 

To get more promotion coupons visit http://www.retailmenot.com/view/xoom.com 

Here are the steps for using Xoom for withdrawing Money into local bank account.

- Goto xoom.com

- Signup with your real info. 

- Confirm your account once you got email from Xoom.

Now you can send money .

- Fill recipient information 
 
- Select Bank option

- Enter coupon code (Currently XOOM2010 is a valid code) if you have.

- Authorize the payment.

You will get the transaction status updates from xoom to your email id.

Note that i am not affiliated with xoom.com. I am just providing the information collected from various sources.

Nitin Chauhan | nitin@maximumhit.com | www.maximumhit.com

http://nitinmaximumhit.blogspot.com "We brand our clients to stand out from the competition."

PayPal Update for Indian Users

Hi Friends

As I mentioned the situation of PayPal in my last two blog post :

·        PayPal Temporarily Stop Some India Services

·        Why PayPal Stop Personal Payments in India?

Here is an update to PayPal users from India. As of now the issue will take approx another 10-15 days time. Because of this current isuue lot of people in India are facing problem and they have several queries to find out the solution. Here are some possible questions along with the answers.

To keep track of payments that have been reversed is painful as well. Paypal tried answering the question as why it has suddenly stopped certain payments for India. Most of the questions have been answered by Anuj Nayar in The Paypal Blog.

1. Why did you suspend local bank transfers and personal payments to and from India?

We temporarily suspended these services to respond to enquiries from the Indian regulators, specifically questions on whether personal payments constitute remittances into India.

We’re working with the regulators and our bank processing partners in India to get this resolved as quickly as we can. We realize that this is causing considerable inconvenience to our customers and I want to reassure you that this is a top priority for the leadership at PayPal

2. When will personal payments be turned back on?

The regulators recently let PayPal know about revised licensing rules that we are now actively engaged in securing. Personal payments to and from India will be suspended for at least a few months until we fully resolve the questions from the Indian regulators.

3. When will local bank withdrawals be available?

Customers should be able to withdraw their funds to a local bank within the next few days. In the meantime, we’re going to restore the money into the PayPal accounts of any customers in India who have initiated a recent withdrawal, so they know that the money is safe in their accounts. Customers will also be reimbursed for any withdrawal fee charges.

4.The PayPal reversal has left me with a negative balance. What shall I do?

If you bought something or transferred money out of your PayPal account to your bank account before we reversed the payment then you may be left with a negative balance.

If this was a payment for a purchase of goods or services, you should contact the sender and have him or her resend the payment as follows:

(a) click the Send Money tab, and

(b) select “purchase.”

If this was a personal payment, then the sender will need to find another payment method until we restore the service.  We’re sorry about this.

If you can’t recover the funds from the sender, you can bring your PayPal balance current by logging in to the PayPal account and clicking the “Resolve Negative Balance” link on the Account Overview page.

5. My payment was reversed but it was not a personal payment. What happened?

Only personal payments should have been reversed. Customers who believe that their payments were reversed in error should request that the payment be sent again by following the steps above (click the Send Money tab and select “purchase.”)

If you are still having problems, please contact PayPal customer support

I hope that this helps clear up some of the confusion around the situation in India.

Happy Blogging !

Nitin Chauhan | nitin@maximumhit.com | www.maximumhit.com

http://nitinmaximumhit.blogspot.com "We brand our clients to stand out from the competition."

PayPal Temporarily Stop Some India Services

PayPal an online payments company has temporarily stop personal payments to and from India and transfers to local Indian banks.

PayPal, in a weekend blog post on the company website, said the operations were on hold "while we work with our business partners and other stakeholders to address questions they have about the service."

PayPal, which is owned by online auction giant eBay, did not provide any further details about the move.

It said customers "can still make commercial payments to India but merchants cannot withdraw funds in rupees to local Indian banks."

"We're trying to resolve the situation as quickly as possible and we're really sorry for the inconvenience that this may cause our customers in India and around the world," PayPal said.

Happy Blogging !

Nitin Chauhan | nitin@maximumhit.com | www.maximumhit.com

http://nitinmaximumhit.blogspot.com "We brand our clients to stand out from the competition."