Money has been part of human history since the last 3,000 years, and in most parts of it, banks and financial institutions were alongside with money. But it wasn’t until the 19th century when people started to be able to send money across the world through wire transfers. It gave birth to a lot of private companies offering the same service but without the banking environment. Sending money to people across the miles became faster. Instead of waiting for several days as it is in bank transfers, using a private service for sending money became instant with a premium fee. This breakthrough in money transfer history became known as the electronic funds transfer (EFT). Thanks to the internet, EFT changed the landscape of payments.
With this came the birth of other electronic payment systems such as the ATMs. Financial institutions started processing money transfers electronically instead of sending cash or checks. Then there is what is called the payment gateway. It’s a service that processes communication between the payee, the payor, and the connecting bank. The most popular ones of these are PayPal, Stripe, Square, SecurePay, WorldPay, Authorize.net, 2Checkout.com, and Braintree. Transactions here process within a few seconds only, but since security is a major component in these systems, several steps need to be accomplished within that brief window.
These are centralized systems run by private companies that follow several steps to ensure that the transactions are secure and monitored. Once a user initiates a money transfer, the transaction data provided, such as the credit card number, CVV number, etc., are encrypted and sent to the payment processor through the gateway you’re using. It will then communicate with the issuing bank to retrieve an approval or a decline. If it’s approved, the gateway will proceed with sending the money. Of course, sending money through gateways comes with a commission fee, and in most cases, they are unbelievably high. See the comparison below.
1. PayPal: $0.10 per transaction
2. Stripe: 1.4% + 20p for European cards, 2.9% + 20p for non-European cards
3. Square: 2.75% per swipe, dip or tap, 3.5% + 15¢ per keyed-in transaction
4. SecurePay: 2.4% per transaction
5. Worldpay: 2.75% + £0.20 (pay as you go)
6. Authorize.net: 2.9% + 30¢ per transaction
7. 2Checkout.com: 2.4% + 30¢ (UK), 2.9% + 30¢ (US); country-dependent
8. Braintree: 1.9% + £0.20 for most transactions
While PayPal may appear to be charging the lowest fee at $0.10 per transaction, the new payment platform of Virie Market is absolutely the lowest in the market today at only 0.001 VRE per transaction. This is equivalent to roughly less than $0.003 only with the current rate. An unbelievably low fee for sending money to anybody from anywhere in the world. Whether it’s for payments of goods and services bought within the Virie Market or just for simply sending money to a loved one across the seas, the fee remains the same. The platform has the most user-friendly interface that even those who are using it for the first time will not find it difficult to work with. In just a few clicks and a few minutes, the recipient will receive the money without a lot of hassles. This is how to send money with absolutely the lowest fee! Download it here to try it yourself.