Noca: The Next PayPal?
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Noca, an online payments start-up is launching its official payment service today. It charges extremely low payment fees compared to PayPal, Google Checkout and other payment services.
Noca was started by two ex-Visa employees and is a follow-up its micro-payments systems it offers in Facebook applications like OneClickPay and Help Your World.
How does Noca differ from PayPal, Google Checkout or Amazon Flexible Payment Service?
PayPal, Google and Amazon charge a minimum transaction fee ranging from 2 to 4 percent of the transaction amount plus $0.30 or more). Usually these charges are imposed by credit card companies like MasterCard and Visa and these companies charge in addition to it, making the transaction fees very high. Noca wants to eliminate that by directly debiting the payment from the bank accounts instead.
Noca charges a miniscule 0.25 percent of the transaction amount as fees. For example if you want to charge $1,000, your fees will be $2.5 in Noca, whereas in PayPal assuming a 2 percent charge plus a fixed $0.30 transaction fee, your fees will be $20.30. You will save $17.80 in net fees charges, making it attractive for both buyers and sellers. One doesn’t have to charge too much for such transaction fees.
How Noca Payment works?
Once the purchases are made via Noca payment method, Noca withdraws the charges from the Buyer’s bank account and credits the Seller’s account within 1 to 2 business days.
The Buyer enters the account and routing numbers into a virtual check via a secure server. Noca sends a security code text message to the Buyer, which the Buyer has to enter as a confirmation. Once the Buyer enters the code, Noca processes the payment and credits the Seller within 1 to 2 business days.
If Noca assures security for both sellers and buyers, many sellers will prefer Noca over PayPal and other services.
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It is about time - I sued and won against pay pal last year for holding fees for extended period of times. About three years ago they refunded money to people that had not purchased anything from me and it took three months to get my money back. Having an alt program will be a great help.
Thanks for the hub
I have heard of payment processors freezing accounts without explaining the reasons.
If you had invested in 12 daily pro, you would know what I am talking about.
If a payment processor is under the control of a government this cannot happen.
Jim, it is a great alternative for small sellers, Paypal and Ebay charge ridiculous fees, together they charge close to 8 to 9 percent fees.
Steven, good for you, I have also had problems with Paypal before, they will hold the funds for too long. I am glad you got your money back.
Quicksand, I haven't used that before. You should hub it so others don't have to go through the same experience. I am going to join Noca and see how it goes. Thanks.
nice hub
Sounds great cgull - thanks! One tends to lose a lot in Paypal transactions!
Lgali, thanks for your comments.
Shalini, yes, they are ripping us off. If the profit margin is high then it is ok but now everyone is having only a slight margin and these guys make more for little effort.
it's great to have an alternative to paypal, who are arrogant beyond belief.
Thanks LondonGirl, it is good to have alternatives, I hope Noca is successful, which looks fair to everyone.
Finally someone to beat the monopoly of Paypal. Thx for sharing this valuable info.
Cgull, 12 daily pro was a program which paid its members 12% of his/her investment each day to view 12 web pages forwarded in sequence by an auto-surf program.
If you invest 60$, you get back 86.4$ after 12 days. There were thousands who invested large sums of money and then lost it all when the program collapsed.
This was way back in the year 2005.
This won't be of much use if the companies that use paypal won't use noca. But if the companies will also use it, then paypal will definitely have a competition.
Thanks for this info cgull8m! I do love variety and as jim10s comment! PayPal could use some competition!
Will sign up now!;)
Anjali, I agree, Paypal is monopolizing the situation, so hopefully this will be good.
Quicksand, I agree there will be some issues, I will be joining them soon, hopefully I will post a review soon.
BeatsMe, Ebay and Paypal won't allow this but for small businesses this will be of great help, already they have little profit margin and this will help save them more.
Compu-smart, please post a review later. Cheers.
This service is only available for people with US bank accounts....At this time, !!
Oh well, hopefully they will make it available for overseas also, I am sure UK will be the first country. Since the Visa guys are running this they may extend it to other countries.
Thank you for the information. I will watch it a while and see how it progresses.
Thanks Peter, it looks to be a good alternative.
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jim10 3 years ago
Noca sounds great. PayPal could use some competition.