PAYMENT PROCESSORS
PerfectMoney Overview
PerfectMoney, a concept of ideal payment processor that was drafted by enterprising men who dreamed about the creation of the ideal payment tool for the immediate settlements both in business and between the persons, today is widely covered in mass media. PerfectMoney is actively promoting its services to reach as many people as possible.
Now and then we hear at lest a little piece of news informing about advantages and benefits available with PerfectMoney. Being relatively young, this payment processor positions itself as a respectable entity, that offers top quality and secure services to its customers.
Out of numerous interviews with PerfectMoney representatives and articles on PerfectMoney we learn that it is constantly enhancing and upgrading its products and services and applies the best experience of its qualified staff to avoid the troubles customers face with other payment schemes.
If you visit the official site of PerfectMoney you will surely run across such a slogan line “an ideal financial institution”. Talking with one of the journalists online a co-founder of the payment service stated that having adopted the best practices from the other payment systems and online banks and basing on the unique technological solutions, developed independently, PerfectMoney team created their system which allows them to instate it as an ideal financial service. PerfectMoney thinks that it offered the market the most liberal system for the end user which allows the customers to set independently the level of personal level security which meet their own needs.
We decided to test PerfectMoney so as to verify if all their allegations have anything to do with the real situation. Our experience turned out better than we expected to meet when we started testing the system. The first thing to note is that the test didn’t take much time and we didn’t face any problems with the interface that proved to be quite simple and convenient. Here we would like to describe our experience in detail.
Friendly interface
At the start when you open the site of PerfectMoney you can see in the right upper corner the pop-up where you can select one of the thirteen languages that better suits you and you will get a thorough version of PerfectMoney available in English in the language you have chosen. This peculiar feature of PerfectMoney speaks to their favor as it shows that the platform is actually open to people of all kinds irrespective of their nationality and language preferences which is not always the case with other payment processing services we know on the Internet space.
If you are a newcomer to the system and not aware of how to correctly mange your account and where to stick your finger so as to perform an action you need there are convenient “Help” and “Tour” options. These sections provide customers a sufficient idea of what functions are available and how he/she can use them. In the video trailers PerfectMoney makes a presentation of the account profile, options in the account menu and tutorials on how to send, receive, withdraw and exchange funds within your PerfectMoney profile. We can’t help expressing our appreciation for this approach to instructing customers. 
These options proved very helpful as there is information you can obtain nowhere before you practice the system yourselves. Thus prior knowledge on what awaits you in your account is available only in the movie trailers deliberately created by the designers of PerfectMoney.
Having watched the demonstration of the account management showed in the trailers we started directly experimenting with the account itself. Here is what we disclosed.
The account you need
All that you need to create an account is to click on the “sign-up” shortcut that is accessible in the upper line under the language selection option or in the bottom of the page. The registration procedure requires a customer to fill in his/her personal information and specify the account he/she wants to open (Personal or Business).
After the registration form is submitted you are automatically sent a message with an ID number you will use at logging into your account.
While using the system every customer can turn the initial Normal status of his account into more privileged Premium status, and into Partner status for those who become partner of the system.
Normal
This status is automatically assigned to you after registration.
Premium
As for this and the following status you can gain them only after some time of close relationship with the system. It is assigned to Customer active for over 1 year or with a definite value of the balance turnover.
Partner
Assigned by sole discretion of PerfectMoney Administration to the partners to optimize B2B payments of the companies running their businesses via Internet.
Where you can stick your finger
The main Member Area (My Account) consists of information upon our account, services status, last account activities, some personal information and accounts financial information.
Login into Member Area
Well, on the site we have two links on each page allowing us to go to the login section of the system. It is made for your comfort.
How we Login
We visit the login section. Enter our “Member ID“, “Password“ details and the “Turning Number” to get access to the Member Area.
Single Payment
To get started with the sending of our payment, we visit the Send Money section of the system and click on Single payment link being on the same line with the account from which we need to send the money.
Then after having chosen the account, we just complete the payment form.
In the form we specify:
• The amount we want to send to the recipient
• The account of the recipient
• We are also recommended to add description of payment
As soon as the form is completed we press the “Payment preview” button, to get our payment previewed.
Description will help to keep in mind the direction and purpose of the payment.
We review our Payment and confirm our transfer. We can press the “Send money” button if everything is correct, otherwise we should press the “Edit” button to return and edit our payment details.
After accomplishment of our transaction, we receive the transfer reference number (batch). Every payment is assigned a Unique Batch number through which we can track our transaction. All transaction details are available in the statement section inside the Member Area.
Recurrent Payment
We click on Recurrent Payment link being on the same line with the account from which we need to send money.
Now after we have chosen the account, we complete the payment form. So, we:
• Select a number indicating the date on which the payment should be made
• Select period of payment. We can choose “Current Month” to make payments only for this month or choose “Every Month” option to make payments monthly
• Add the amount we want to send to the receiver
• Add the account of the receiver
• We are again recommended to add description of payment
The payments are made corresponding to the Calendar dates and period we have chosen.
As it was already mentioned detailed description will help us to keep in mind the direction and purpose of the payment.
We complete the procedure. Review our Payment and confirm our transfer. Press “Save Recurring Payment” button if everything is correct, otherwise press the “Edit” button to return and edit our payment details.
After our transaction is complete, we can visit Send Money section and choose “My recurring payments” to view our existing recurrent payment details.
A customer won't be able to see “My recurring payments” menu if he/she has no recurrent payments.
Currency Exchange
To arrange and complete exchange transaction we visit Currency Exchange section in the Member Area.
To make exchange we are required to do the following:
• Enter the amount we would like to convert into another currency
• Choose the exchange direction we are interested in by selecting the accounts between which we want to make an exchange
• Preview our exchange by pressing “Preview” button
After pressing “Preview” button, a Preview Exchange page loads. To complete the exchange, we confirm the details we have entered and press “Confirm Exchange” button, otherwise press “Cancel”.
Deposit funds
We can use “bank wire”, “e-currency” or “partners” to make a deposit.
Bank Wire Deposits
Bank Wire deposit is performed very simply.
We fill in Bank Wire form with information on the bank wire account from which deposit is to be done.
Our contributors made bank wire transfers from Australia, Thailand, Luxembourg and the USA. In each case money came within 2 days! We should acknowledge good performance and significant achievements of PerfectMoney in regard to the fast and reliable funds transfer.
We press the preview button.
The information is correct, we can press “Send Bank Wire” button. After having got the message that our bank wire order has been successfully created, we write down the invoice number.
Within 24 hours after the order, our bank wire deposit request will be reviewed by the system moderators. We get a reply regarding our request in our Internal Mailbox.
Invoice number should be indicated in "Wire memo" at making of wire transfer.
E-Currency Deposits
We can use our existing e-currency payment systems to exchange our funds into PerfectMoney funds.
To fund our accounts in the system there are merchants who allow the funding to be done automatically.
Partners
We can also fund our PerfectMoney account via the partners listed on the site. As of today they partner with:
• http://www.trodexltd.com
• http://www.trainexservice.com
• http://www.m-gold.com
• http://www.e-curex.com
• http://www.superchange.ru
• http://www.autoconverter.ru
• http://www.keepdeal.net
• http://ecashworldcard.com
• http://www.intexchange.com
• http://n-change.net
• http://true-exchange.com
• http://goldexpay.com
Withdraw funds
We can use “bank wire”, “e-currency” or “partners” to withdraw our funds.
Bank Wire Withdrawals
Bank Wire Withdrawals are performed this way.
We fill in Bank Wire form with information on the bank wire account to which the funds should be sent.
After having filled in all required fields we press “Preview Withdrawal” button.
Then we check if the entered information is correct and confirm our withdrawal order by pressing “Confirm Withdrawal” button.
Within 24 hours after the order, as it was the case when we made a deposit, our bank wire withdrawal request will be reviewed by the system moderators.
We get a reply regarding our request in our Internal Mailbox.
The invoice number of our wire appears after completion of withdrawal procedure.
Partners
We can withdraw funds from our PerfectMoney account via the partners listed above.
Statement
In Statement section we can check all transactions ever made on our account. We can track our transactions by date or batch transfers. There is a graphical description of the activity on our account.
We are provided with an option to choose the account which history we would like to lookup.
We can as well make a search through the batch number of the transfer or using (from -> to) dates, additionally we can choose what kind of action (create, cancel, send, etc.) we are looking for.
Viewing the chart of our account provides us with a clear picture of our incomes and losses.
We can lookup daily or annually charts of our account progress.
Internal Mail
The payment processor also allows to contact PerfectMoney Service Support by using Internal Mail.
We can check our inbox or history of our internal mailbox just by navigating through the system.
Security and Profile settings
In Security section we can make any account modification, starting from editing our first name and ending by setting all kind of security for access to our account.
Profile Updates
We can update any details of our account just by changing the data in the Profile. To save the data we enter the Turning.
Security Settings
PerfectMoney allows its customers to choose the necessary defense and security level individually. PerfectMoney provides a three-level security to prevent a break-in and it is up to customers which level to choose. If we choose SMS authentication, Code card and IP control system, PerfectMoney states that it will be almost impossible to breach the user’s account.
"Identity Check" - By using this tool each time that we are logging in from different PC or web-browser, an email is sent to our email box to check our Identity. This email contains a confirmation code, which should be entered.
"SMS Login" - Enabling the SMS login security tool allows us to receive short message right on our mobile phone, which contains the security code for accessing to the Member Area when the user logs in.
"Code Card" - The system can provide us with a graphical Code Card with secret numbers. We are asked to enter secret number each time we try to do something important, for example transfer funds, or change security settings. The Code Card is an image that can be saved or printed on any Computer.
We conclude:
1. Despite some weak spots with PerfectMoney it is a progressive institution
Talking about negative phenomena that take place with PerfectMoney we would like to point at the elimination of WebMoney as an option to deposit and withdraw funds via this system. We think that it can pose some obstacles to customers having their accounts with WebMoney to shift to PM even if they really want to change their payment processor. Many users still have significant amounts funded there and indirect deposit by means of exchangers will turn out to be expensive to them.
Thus we can make a plain switch to another aspect that we found inconvenient to some degree. Commissions charged by the exchangers are rather high which as we noted may frustrate some new users who wish to start exercising PM as a payment method of their choice. But we expect that the new regulations recently introduced on operating activities for exchange partners of PerfectMoney will produce any effect on the exchangers to the benefit of consumers.
2. PerfectMoney creates a favorable financial environment
We verify that operating your funds with PerfectMoney processor you won’t face any chargeback which is backed up by the liberal policy of the payment processor that allows you to directly communicate with the staff in case you have a problem unlike with several other payment processors where individual issues are not considered.
And perhaps the most important and significant aspect in money matters with PerfectMoney to our view is no commissions promotion effective through the whole year. Having made a number of internal transactions related to sending and receiving funds our experts gladly find themselves charged no fees for their operations which means that PerfectMoney keeps its word.
3. PerfectMoney is a respective competitor to all other companies in the alternative payments market
With a constantly increasing number of languages supported by PerfectMoney system they will likely achieve their aim to take the third honorable place after PayPal and Moneybookers. 13 languages and 178 countries are good hallmarks of PerfectMoney evolution into the designated future. Transparent fee scheme and friendly interface along with amiable staff quick to help customers that face problems with PM which proved a pleasant surprise may become a distinctive feature of the services provided by PerfectMoney.
Related articles:
PerfectMoney Interview
PerfectMoney Interview-2
