The WebMoney internet currency system came into being in 1998 in Moscow. It uses WebMoney units (WM-units). Businesses don’t need a bank account or credit card to open or operate a WebMoney account. Users can buy and transfer WM units which can then be withdrawn in the user’s own currency. This system is enjoyed by almost 40 million people around the globe.
WebMoney Credit Card Processing & Payment Services
WebMoney has a range of payment modes for accepting payments on the internet. It supports payouts in USD, Euros, Russian Rubles, Ukranian Hryvni, Vietnamese Dong and bitcoin.
- WebMoney Check
- Bank card
- Online banking
- Payment terminals
- Money transfer systems
WebMoney Pricing & Fees
- No charge for receiving WM units
- WebMoney processing service: – 1.5 – 2.5%, depending on turnover + bank wire fee
- WebMoney Settlements: – commission is 1% and no more than 1,000 USD/Euro
- Transact Automation Tool: – 0.8% (charged to sender), no more than 50 USD/Euro
- 6% bank charge to transfer funds from WebMoney purse to bank account
- Minimum fee – 0.01 WM per transaction
- Maximum fee – varies according to purse held
- Different currencies attract different tariffs
To see how that compares have a look at: 2019 UK Merchant Account and Credit Card Processing Fee Comparison.
- Fraud screening
- Processes international and high-risk payments
- Quick and easy to use
- Professional marketing support
- Don’t need a credit card or bank account
- Free to receive funds
- Free API
- All payments are instant and irrevocable
- No chargebacks
- No early termination fee
- No PCI compliance fee
- No monthly minimum fee
- No monthly fee
- Pay as you go option
- Escrow – secure transactions
- Mass payments
- Web merchant interface
- Comprehensive business management system
WebMoney is a global settlement system which was established in 1998 and now serves almost 40 million people around the world. It was set up to provide quick and simple solution for people and businesses who wanted to transact online. Individuals and businesses can use WebMoney without needing a bank account or credit card, this they do through purchasing WM units, a similar concept to bitcoin. WebMoney accounts can be funded using cash at ATMs and kiosks, via bank transfer, postal order, prepaid cards, exchange offices and exchanging from other payment systems.
WebMoney’s head quarters are in Moscow, although, according to the company’s website, its registered office is in Lithuania. WebMoney’s website gives no information on its 20 year history.
WebMoney Pros and Cons
The following pros and cons are based on information available on Webmoney’s website and reviews from Trustpilot.
- Very secure system
- Good for making worldwide payments
- Quick payouts
- Flexible account management system
- Wide operating country base
- Accounts locked with no explanation
- Slow customer service
- Issues with inputting data for account opening
- Complaints re language translation
- Consistent errors when logging into account
- Trustpilot: 3.2 out of 5 based on 17 reviews
WebMoney Merchant Machine score is 3.2 out of 5.