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Established in 1998, PayPal had its IPO in 2002, and became a wholly owned subsidiary of eBay later that year. In 2014, PayPal moved 228 billion US dollars in 26 currencies across more than 190 nations, generating total revenue of 7.
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9 billion US dollars. Fernando however said one of the fastest growing payment gateway providers, Stripe is to enter Sri Lanka and ICTA is now working with stakeholders to conclude paperwork approvals. “Startups and small businesses can sell their products and receive payments to their local bank account through Stripe soon.
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” Fernando said. Stripe is an Irish technology company that allows both private individuals and businesses to accept payments over the Internet. Stripe focuses on providing the technical, fraud prevention, and banking infrastructure required to operate online payment systems.
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Pay pal is a cheaper less costly way of fund transfers that is used by millions world over.(lower charges than normal bank commissions charged on transfer of funds)This has been in the news from the last government but did not come through due to what ever the reason.Effect is that people have to use & resort to high cost fund transfer methods.Declared business aspiarations of SL such as Becoming an business hub,winning the race for the world, & dates & dates due to what ever tbe reason may not move hand in hand.Thus going for pay pal or for an alternative a.s.p is a business decision required for for obvious strategic reasons.
Bad relations of MR regime with the West?
Countries need to live the present & constantly move foward.Consider a practical experiance.To remit 500 GBP from U.K.to SL using bank Swift @ one instance cost around GBP 60.After discussing the issue @ U.K end by the remitting party something was refunded.PayPal or similar alternatives may be for the small people who transfer small amounts & can never take over the huge Swift business volumes handled by the commercial banks.But lowering costs is a key for survival for small enteprice that do not have that huge transfer volumes that can attract lower & better commission rates.
Stripe is irish? Who said that? ICTA or the minister?
https://en.wikipedia.org/wiki/Stripe_(company)
Right. They have used wikipedia. Stripe is founded by two Irishmen but headquartered in USA. Naturally they have a development center in Ireland.
May be they can use Ireland as a tax heaven like most other tech companies…
Compared to Stripe, PayPal is not the cheapest. On the other hand PayPal is not the fastest. If you enters as a new merchant or PayPal client, you have to wait for 21 days to get the payments realized. Then their support is one of the worst and rarely responds. We welcome Stripe as it comes with a complete package oppose to lethargic PayPal.
Do you have ever used paypal for inward remittances ? We are handling back office operation of USA companies and when we pay to indians from the USA company using paypal, it takes only maximum 5 min to update their account balance. We are getting the receipts from the payee within 20 min confirming the receipt.
Cost of paypal is maximum 5%. If you use any other method (instead using a RFC account) you have bear minimum 10% (I used Skrill and Payoneer before open my RFC account.
I started dealing with oDesk like online job portals in 2005 and in 2006 I went in to fulltime freelance career dealing with foreign clients.
It seems that you are referring to PayPal’s merchant services arranged to few companies (to handle the mass payouts).
Not everyone is entitled to that service.
Assuming that you are a new joined to the PayPal and started selling, you have to wait for 21 days to access your funds. That’s the holding period.
Then comes their transaction and withdrawal fees.
In that context Payoneer and Skrill carry no waiting period.
Maximum 2 – 5 days of processing period.
What you say on exchange rate is wrong with Skrill. Skrill gives you the real rate of that hour where as Payoneer not getting the real rate. Its subjected to ATM network and the withdrawal fees. But Sampath gives you the better rates for Payoneer cards. No matter if its Payoneer or card issued by Bank of America, Sri Lankan ATMs won’t give you the best rate. That’s due to the 1 – 3 dollar ATM withdrawal fee + transaction fees.
Therefore no need to cry on the PayPal. Use Skrill or Stripe and use wiretransfers.
I know this is a late reply but here it goes. I’m selling website scripts for more then 6 years now using my 8 years old PayPal account (I have out side country account because i work in another country) and it takes only 12 hours to withdrew money to my visa card. Never had a issue with them till now, Also if you have a issue go to their twitter account you will get a really fast reply.
One more thing i have several foreign cards including Payonner and all of them stop working in Sri Lankan ATM’s this year except in few banks and many of my friends have the same issue with their Payonner cards. Check Smapth bank card wont work And i saw below post on Payonner website don’t know its true or not.
http://community.payoneer.com/en/discussion/30687/sri-lankan-freelancers-beware-payoneer-cards-not-accepted-in-most-sri-lankan-atms
It can be… Earlier Sri Lanka was using an external ATM switch + settling mechanism which has been replaced using Lanka PAY or Clear something. Morons in Sri Lanka doing things in backward and soon ppl will find no foreign cards authorized in here. I am using Payoneer to Chase to HSBC option which comes at a different rate. On upwork I have the ACH working and can bypass the Payoneer when needed. If you have an old PayPal account, there won’t be an issue but all the new accounts subjected to 21 day verification process. Therefore enabling the PayPal tomorrow won’t let you do miracles in a day or two. Other thing is that if you don’t know the process behind handling chargebacks, Nigerians and Russians will guide you to the bankruptcy within day or two.
Also, somebody can say the rate of Stripe is less than 5%, but when you withdraw you won’t get the real exchange rate. You will get 7-8 rupees lower the real exchange rate.
Stupid government do not know working on ODESK which is online virtual workspace. When we want to transfer fund from it. It is very costly without paypal.;
Do you even know what Stripe is or how it works? Doesn’t sound like it from your stupid response.
Go and get Payoneer. oDesk is no more and they have changed it to Upwork. You have skrill and Payoneer. No need to cry for PayPal.
stripe vs PayPal choose one