Paypal is the global leader in online digital payments and almost all freelancers in India have an account with it. A Paypal account however has some usage limitations. It cannot be used to send and receive domestic payments because of RBI’s restrictions. With the growth of E-commerce in India, many payment gateways and mobile wallets have started operations. Some of the new services that are available are PayTM, MobiKwik and PayU Money. PayTM is considered the best mobile payment wallet in India and last year crossed the 1 Crore user base. It is today accepted by more than 80,000 sellers.
Despite the hype surrounding these mobile wallets most of them lack simplicity and ease of use. Their sophisticated features can confuse first-time users trying to wire money to a friend as they are loaded with functions that many of us do not require such as bill payment etc. So Paypal India is the best option for receiving money from International sources and PayTM is the best service for making payments on mobile, we will now review the best service to receive payments for freelancers below.
Best Online Service For Receiving Money in India
After thoroughly reviewing Paypal and other online payment systems like PayTM and Google Money, we have come to the conclusion that Instamojo is the best option for Indians. Instamojo is a fairly new company and was started only in 2012. The startup was founded by Harshad Sharma, Sampad Swain and Akash Gehani and has about 50 employees working out from its headquarters in Mumbai. Check our their service clicking on the link below:
Instamojo is ideal for freelancers and online merchants because you can send and receive payments with a single link. To receive payment instantly, all you have to do sign up and provide your bank account details. Once that is completed you need to generate a link that can be emailed or SMSed to your client who can then process the payment by clicking on it. This is similar to how Paypal uses email addresses to process money transfers.
Registering with online payment gateways like CCAvenue or Billdesk is a hassle as they ask users to furnish multiple sets of documents and even courier them a physical copy of the application with your signature. After jumping through all these hoops one would have hoped for quick processing but no, they take 7-10 days to approve your application. Compared to Indian payment gateways, setting up your Instamojo account is a breeze.
Signing up is easy and you do not need your PAN number and Bank account details to receive payments up to Rs 10,000. To accept payments beyond Rs 10,000 you will need to provide a scanned copy of your PAN Number and Bank statements or the scan of your Cheque Book cover. Approval takes 2 days to process.
Salient Features of Instamojo
1. Quick Setup, you can receive payments up to Rs 10,000 within minutes of setting up your account.
2. A flat fee of 1.9% is deducted from payments received by you. This is the lowest fee charged by any online mobile wallet or payment gateway in India. Paypal charges 5-6% for accepting payments from International clients, while BillDesk and EBS charge 3-4% of the transaction value as service charges.
3. Instamojo is ideal for selling digital goods like E-books and Online courses.
4. They process the payouts every day from Monday to Friday through NEFT transfers.
5. This service is ideal for freelancers who are looking for one-time payments.
6. Extremely friendly and prompt online support to clear your queries.
7. I have been using Instamojo for the last one month and I am extremely happy with their service and features. I would recommend you to sign up immediately below.