Finance

Online Money and Payment Protection Measures

Making money off the Internet is a dream that many people wish to fulfill. Such quick and easy money, though, comes at great risk for the careless entrepreneur. Criminals are always on the lookout for targets to victimize, and newcomers to the Internet are their favorite snacks.

If you want to safely earn full or part time money from the Internet, make sure to keep these online money and payment protection measures in mind:

Know the tools of the trade

Forewarned is forearmed, and this has never been truer when it comes to preventing online fraud from nabbing your hard-earned cash. Mails aimed at phishing your bank account details from you, trojans embedded in files and web pages, and the various fraudulent practices work largely because non-internet savvy novices are not aware of them. Those who do not know what they are getting into are the easiest prey.

If you want the Internet to be a money maker for you, then make sure to do your homework when it comes to online fraud. Ask a friend, use the search engines, read up articles on the matter, and you will be one step ahead of the criminals.

Use a payment company’s services

Let us say that you can finally make cash off your online endeavors. How will you actually claim that money? Internet money is indeed convenient, but you need some way to receive that money. You could just post up your bank account, but that would be like screaming “Hey everyone, rape my bank account for some quick money! The treat’s on me!”

There are companies, like PayPal, Digital River and AlertPay that make their fortunes handling payments. You can hand in your bank account number to them, and they will serve as a ‘front’ for handling payments. You can then safely transfer funds from these payment companies into your bank account without having to recklessly display it over the ‘net.

Have payments held in escrow

There is a problem, though. Someone has to put down first in an online transaction, and that someone often ends up being you.

The problem here is that a buyer of your product, like a web content article or freelance service, can so easily escape from their financial responsibilities. You could try to pursue them, but you would be spending a large amount of money and time in the legal process for something as puny as a 20 or 30 dollar bill. You also run the risk of being targeted by negative feedback, and this is something you do not want to happen to your online money making business.

A solution here would be to look for a third party to hold payments in escrow. When you plan to make money off a deal, the buyer can plunk down his or her money with the third party. The third party then holds on to the money until you provide the service, and then releases it to you with the blessing of the buyer.

These three simple but extremely effective measures will help protect your virtual money makers. Keep them in mind, and you won’t have to worry about your client running away with your hard earned cash.

by Mike Gunderson

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