Ok here are figures, solve this puzzle what rate they applied. Outstanding balance for the month of November was:  PKR 46,843 , I have paid PKR 42,000 on due date and check of remaining payment was never dropped (forgot!) so outstanding balance was about PKR 4000 , and today i received this statement with almost PKR 2000 as finance charges. Wow only for one month it is about 50% for the payment. Which mean annually it would be 50*12= 600% for the year!

LOL impossible! I called their call center and they dropped a BOMB on my head and I got to realize how great this credit card banking business is!

He shared with me few things which were completely NEWS to me:

1. When you do not make FULL payment , every cent, it is called partial payment, and it does not matter you may 10% or 90%. Finance charges is calculated to FULL payment, not the outstanding balance! So while i was thinking they will calculate charges on outstanding balance PKR 2000, at the same time the banker was calculating the interest on the full payment of the month.

2. Also interest rate is calculated on each transaction daily, from the date of transaction to the date when the whole balance for that month will be paid. So it gets really worse.

Now after knowing these above two facts I came to realize how many close dear friends of mine got into Credit Card debt hell. It was the smart banker! But i do not blame only the banker, as we should take full responsibility of our acts. As we have signed and agreed T&C with the banker and we are using his money for the full month without any charges(if paid on time.)

If i knew the above facts before the due date, I would have made sure to make the full payment. I thought as we have paid almost 90% of the outstanding , very nominal charges would be due to us. But this is totally different world. I am posting this on my blog to make this the part of the record so you and I can be careful for the next credit card payment.

I just wrote this personal message to a friend from Pakistan, Danish, who said this:

"Bro , Seriously due to unavailability of paypal i am really facing loads of troubles , do you have any alternative which you are using ?"

 

I wrote my answer there, but due to length of the message could not post there, and also I thought many other fellow Pakistani friends will benefit from this so I post this at my blog here:

Danish My Friend you are always welcome.

Yeah you are right Paypal problem we face here… But I use and recommend 2Co as this solves about 80% problem, i mean with 2Co you can receive payments from customers who want to pay though Credit Cards as well as also from the customers who want to pay from their Paypal account balance!

As i said this does not solve 100% problem as still you have no means to use those funds online, until they get into your Local Bank Account.. So we cannot make payments online as we could have made through our
Paypal account…for this i recommend to get hold of Credit Card, of yours or someone in your family who can trust you , and you can trust him/her!

Also if you have digital product and you want to tap into Affiliates market, you have also Clickbank there…to handle your Payments, and payments to affiliates!!!

MAN it used to be hard in the days when 2Co Would not accept
Paypal…
No Paypal, No Clickbank, No Problem | Mohsin Rasool
(Also download the report from there i wrote once for friends like you
facing NON-Paypal problem -)

Note: Above post/report was written before clickbank was available in Pakistan,,
but now as clickbank is in Pakistan…i suggest to use Clickbank for Affiliates
and not 2Co’s very limited affiliate program.

and when Clickbank would not allow Pakistan

…but now you have both!!!
ClickBank in Pakistan WoW! | Mohsin Rasool

You see we are making progress… so do not worry and keep working on your Goals you are going to make more than thousands who have Paypal account but have not made money online due to inaction or no work!

Wish you best there, hope this gives you some ideas,
Mohsin Rasool
PS. Oh I wanted to share this with you:

I used to earn very less money , say only Adsense…
And used to think and focus on the problem that how sad
i have no PayPal , no clickbank…

Then One day a very great friend of mine from Singapore, Ameer Salim,
said this:

"Mohsin do not focus on problems (Paypal) focus on opportunity (2Co!)"

That day was the turning point, as I said OK , No Paypal NO Problem!!!
I am going to sell and I am going to use 2Co..After all they are multi Million Dollar
company,,, why cannot they process my first Million Dollar

Then I started to offer services and some products and it really has become my
integral part of bi-weekly income…yeah 2Co sends weekly/Bi-Weekly your money
directly to your bank.

So Danish I recommend you go with 2Co and forget about Paypal problem for now.
When you have made some stuff, you will have some great friends here online.
And if you must need some payment to be received through Paypal you can ask
your friend to accept that payment on your behalf. But your sales system should
be fine with 2Co as they are going to take payment for you from all non-paypal and paypal buyers.

Oh live by revenge LOL…i mean if Paypal says : No Pakistani… Say: NO WAY! NO PAYPAL! … hahah Paypal Sucks! This will make you feel great and really this
will FREE you from the thought of absence of Paypal as disadvantage to you!
http://www.paypalsucks.com/ – Now sometime I joke ,No it is not Paypal which does not accept Pakistan, but it is Pakistan which does not accept Paypal . HAHAHAHA!

Have a Great day! Let me know if you have any question in this regard.. I will update this post or reply in comments.

If you do not know already about 2Checkout, you may check this out here 2Checkout.

Alan Homewood, the CEO and Found of 2Co was recently interviewed by RM, interview can be accesses here: Alan Homewood Interview.

I wanted to post that I have been using 2Co for years and I cannot live without their service, payment processing for every business online is the most integral part. Top payment processor used online is PayPal… But they have many disadvantages like limited to some countries, account limitation without any notice, and some people simply hate PayPal due to many other reasons…

2Checkout comes as second best option, or I should say First best option for small business owners online who need to accept payments for their product or services. It was great to know that Alan is doing his best to make as easy as possible for his clients to sell online.

They have added many features in their service recently and i love that, for example their new affiliate network, direct deposit payment option. It is great to receive payment directly in our bank account from 2Co without any Check with months of wait…

Alan said he has vision to make 2Checkout Billion Dollar Company That is GREAT. I wish them Good Luck.

Like when I started my Internet Business, there were so many great services online which were not available in Pakistan, and It was not great fun really! Then by the time passing, I started to realize that this is not the END. World has many other options to offer, we just need to look and find.

I share alternatives to Paypal, Clickbank, as Payment Processing and Affiliate Marketing are two big pillars of Internet Business and Internet Marketing. And I have good news for you, that if you are in a situation where there is NO Paypal, and No Clickbank! I promise after you read this report, you will say NO Problem! Ok Download The report in following link:

Non-US, No Paypal, No Clickbank, No Problem Report Dowload

Have a nice day,

Mohsin Rasool

PS. Please do not forget to share your comments, or suggestions to add into this report. You can share anything related to this report, which may help other sturggliing Marketers accross the world, use the following comments form.