OK, so you have listed your items for sale on eBay, you are so happy because somebody actually bought what you are selling. But wait. How do you get paid? Especially if you are in the Philippines.
Well, there are a number of payment methods that you can consider. Let’s have a look at some of them.
Paypal – If you are going to be successful on eBay, you absolutely must accept Paypal. You have no choice! About 90% of eBay buyers expect to pay with Paypal, and if you don’t accept Paypal, they won’t bid. It’s that simple. Paypal got started back in the late 90’s. It was actually two different companies at the time, both doing the same thing, allowing users to take and send payments online. If I recall, there was Paypal.com and there was another company called X.com. X.com was the most successful at that time, as I recall,, and Paypal bought them out, thus becoming the only player in the game. Paypal went on to be bought up by eBay, and they are now eBay’s official payment system. If at all possible, accept Paypal for payments. Paypal is now doing business in the Philippines, although the accounts in the Philippines have some limits. If possible, set up a US account! If you have family in the USA, or friends, perhaps they can help you set it up.
Money Orders – You can accept money orders for payment on the goods. Be careful, some people will send you the green money orders from the US Postal Service – those are very popular to use in the States. However, those particular money orders are for US Domestic Use only, they cannot be cashed here. The Postal Service also sells a pink colored money order that can be cashed worldwide, and that is the one that you need to accept. There are lots of other brands of money orders too, and they are fine, as long as they are for international use. Keep in mind that with money orders, the bank here will make you wait a while before you get the funds, to make sure the money order clears. As long as you have enough cash to support the business while you are waiting to be paid, this is not a problem. If you receive a money order from the USA, you need to ship out the goods right away, because your customers will not accept additional waiting time due to a money order payment.
Checks – I do not recommend that you accept checks if you are in the Philippines. I do accept checks here, but I have a US bank account, and I send the checks back to the USA for deposit. If you don’t have a US account, the clearing time is too long, and the risk of getting a bad check must be considered. My advice is to avoid check payments.
Xoom.com – Xoom.com is a money transfer service that sends money all over the world, although I believe that the Philippines is their number one destination. I have used Xoom.com and been happy with their service in the past.
2Checkout.com – 2Checkout is a service similar to Paypal. eBay customers will be more comfortable using Paypal, but 2Checkout will give a full range of services to customers in the Philippines. I have used 2checkout extensively for about 5 years now, and I am very happy with them. In addition to using them for auction payments, they are also useful for e-commerce stores and such. I use 2Checkout on all of my online stores.
Western Union – Western Union is widely known, and customers will probably be comfortable using it. However, Western Union is expensive. Your customer probably won’t want to pay the fees, so the Western Union fees will probably come out of your profits. You need to plan for this! However, using Western Union in the Philippines is very easy to do, and there are thousands of locations where you can pick up your cash!
Getting payments is probably the most important part of the whole business! Without getting the money, you wouldn’t be interested in doing it anyway, right? Try out some of these different methods, and see which you prefer! Also, if possible, offer multiple payment methods on your auctions so that payment will be easy and convenient for your customer!
How about you, do you know of payment services that I have not listed here? If so, please let me know by leaving a comment!