The Gold Blog

e-gold PayPal

So many people these days are asking, “which is better PayPal or e-gold?” However, to expand your online sales, you should be asking, “Why doesn’t my web accept both methods of payment?” Since there is no added cost and most of today’s online shopping carts will accept the integration of both PayPal and e-gold, would it benefit your business to accept both methods? What are the differences and advantages?

Why does PayPal have 120+ million clients and e-gold just over 3 million?

This is hard to explain, but the biggest difference in these two Internet giants might be explained by what I call the ‘convenience factor’.

Internet shoppers use PayPal because it is convenient and generally most smaller online merchants will accept PayPal. Recently some larger merchants such as Barnes & Noble have also signed on with PayPal and that list seems to be growing daily.

Shoppers, are comfortable using their plastic for everyday purchases. Plastic is a familiar friend so it is no surprise that shoppers are eager to use their plastic online with PayPal. The familiar credit card to PayPal set up is accepted and comfortable for a majority of Internet shoppers. It is also fast, safe and users consider it very convenient. Convenience is the fuel that powers today’s online shopping. This ‘credit card convenience’ with PayPal is a stark contrast to using e-gold….

The Obvious Differences

The first difference between PayPal and e-gold is a very obvious one and you will recognize it when setting up both accounts. As you add a funding source (bank or CC) to your PayPal account, you are interacting directly with the PayPal web. There is no real mystery to visiting their web and giving them your personal information just like 120 million others have before you.

Much different from using PayPal, e-gold accounts cannot be funded directly through the e-gold Ltd. web. E-gold does not ever accept funds. E-gold has no bank accounts. The webs used to fund e-gold accounts are totally different from www.e-gold.com . During the funding of their online accounts, e-gold users do not send money and do not interact directly with the e-gold domain.

For everyday shoppers, this confusion may create a pause or a feeling of apprehension & mystery. After years of convincing Internet clients to use e-gold, I know this is one factor which prevents a wider use of e-gold by the general public. Just the opposite, shopping with PayPal is so familiar it may even give the user a degree of instant gratification each time they make an online purchase. PayPal may have created a kind of ‘impulse buy’ for online shoppers.

Time & Effort Kills The Impulse Buy

To purchase e-gold, you have to fund your account using a third party agent such as OmniPay or another exchange agent. There are about a hundred of them spread around the globe. There is no formal ‘rating system’ for agents so finding a good one is usually trial and error. To add more confusion to the equation, online credit card fraud is so widespread that most third party e-gold exchange agents do not accept plastic. Right there, you have ostracized most American online shoppers. Considering that e-gold and all Digital Gold Currency transactions are NOT reversible, agents are reluctant to accept any type of credit card transaction which could later be reversed. Who can blame them?

Wire transfers are one of the most popular methods to fund a digital gold currency account. This type of transaction obviously takes more time & effort than credit cards. Consequently, e-gold account funding is rarely ‘instantly’ concluded and most funding takes about a day. Both the chance of an impulse sale or any instant gratification are lost during the funding of an e-gold account.

Already, we seem to have a few reasons why PayPal may be more accepted than a e-gold or any other Digital Gold Currency, however there are many exceptions.

Does Not Having A Credit Card Prevent You From Shopping Online?

For millions of online shoppers who don’t have a wallet full of plastic or even a bank account, PayPal is simply not an option. Remember, there are more people today in the world with a cell phone than a bank account!

There are millions of Internet users, including many in the US, who simply do not have a bank account. Everyday, these online shoppers are still looking for ways to spend their money…so a Digital Gold Currency account such as e-gold may be a very good solution. The growth of the Internet is now creating a massive army of online shoppers in countries all around the globe. Not all of these shoppers can use a shiny plastic credit card for their online purchase.

If you expand your web to invite Digital Gold Currency users you are almost certain to expand your online sales in the months and years ahead.

Additionally, Internet shoppers often have trouble using credit cards during a cross border transaction. Because of built in measures to fight credit card fraud, making that online purchase from outside of the US may be impossible. If you are having trouble shopping from your country with a credit card, you may benefit from a e-gold account. Digital gold transactions can also be instantly denominated in any one of 20+ different currencies without the large fees associated with a credit card currency conversion. When comparing PayPal vs. e-gold, the differences can be large.

The Bottom Line For Online Shopping

If you have the money, using an e-gold account will allow you to shop online from anywhere in the world. You do not need a bank account or credit card. You won’t be restricted by borders, currencies or your local banking relationship. Additionally, if you are an online merchant accepting only PayPal or credit cards, you can expand your online sales by becoming a e-gold merchant.
Yes, using e-gold is very different from PayPal and it takes some experience but for many around the globe it may be their only online choice.

Gold-Cart.com is a very easy, free way to instantly accept 4 different Digital Gold Currencies through one easy software application. This set up works as a stand alone Digital Gold shopping cart or can easily be integrated into an existing cart. It is free to set up, simple to use and has no credit requirements, reserve account or hidden fees.

DigitalMoneyWorld

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