Dooyoo take Nochex? (nochex.com)

Member Name: MichaelR

Product:	nochex.com
Date:	08/08/01 (94 review reads)
Rating:

Advantages: Fast, Secure, Deals in Sterling

Disadvantages: 99p to load or retrieve money, Doesn't take credit cards (yet)

Ahhh, finally, after years (or is it only months?, it seems like years anyway!) of online payment services dealing only in US Dollars and charging extortionate transaction fees, there is a new online payment service.

It's UK based.
It deals in Pounds Sterling. (Although there is also a version coming that will let you deal in Euros)
It doesn't charge extortionate fees.
And it's name is.... Nochex.

Nochex basically offer a service which allows you to send and receive money by e-mail. When you first register with Nohchex you are required to give them your Switch or Visa Delta Debit Card number (currently they don't take credit cards - only those two debit cards - although they keep saying they have plans to expand the service to take credit cards. They are a relatively new company though, so I don't know when they might do this). Nochex then deposits a random amount of money ranging from 1p to 99p into your bank account - at their cost (guess how much they gave me?) You then go back to the Nochex website and log in with the username and password you chose at registration. You then tell them how much money they put into your account (this confirms that you are the card holder) and you can then start using the service.

From inside Nochex, you can "load" money from your bank account ready to be e-mailed to someone, you can request a payment from someone, you can send money to someone, and you can send your money from Nochex back into your bank account.

The fees are very reasonable for all these services. It is free to send and to receive money, and costs just 99p to load money (you can load as much as you like in one go, so if you plan on using the service frequently then you can save a lot on the transaction costs by loading a big lump sum) and also costs 99p to remove money back into your bank account (again, no limit on how much you can move - although it must be more than £1)

Sendi
ng money from Nochex is very simple. You just type in the e-mail address of the recipient and the money is deducted from your Nochex balance. You can send money to anyone with an e-mail address - if they aren't already registered with Nochex then they will be invited to register when they receive the money in the e-mail.

Receiving money is also easy. You receive an e-mail with the subject "You've got cash!". Just open the e-mail, click the link, verify your password, and the money is added to your Nochex balance.

Nochex is very, very fast and very secure. The security in Nochex 'piggybacks' on your banks' own security systems once your card details are verified and all transactions are done through your banks' own computer systems - therefore authorisation is about as quick as when you pay with a credit card on the High Street.

The uses for Nochex are virtually limitless. You can basically use it in any situation for which you would normally have to write a cheque. Obviously one of the biggest uses is online auction payment... it's much safer and faster for both buyer and seller and that's why it's fast becoming the payment method of choice on eBay. I still refuse to deal with Paypal, as it deals in a foreign currency and there are too many restrictions on the service, but I am more than happy to deal with Nochex. A number of online traders have also taken to Nochex as it allows secure payment without the need for a business to attain merchant status with a credit card company... it also means they don't have the expense of having to run a secure server.

Nochex is a great solution for online buying, as it's probably safer than giving your credit card details through a secure sever. Everything is held in one place and you don't have to disclose your number to loads of third parties. The encryption used is also typically stronger than the standard 128 bit SSL.

Once N
ochex starts taking credit cards as well as debit cards, I really do think it will become THE way to pay for anything online.

The next time you buy from an online auction, owe your friend some cash, or need payment for something but do not want to wait for a cheque to clear, Nochex could be the answer...

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