In another thread, someone mentioned 2checkout as an e-commerce solution, (I don't know where the Bahamas is going with this e-commerce thing since funds cannot be deposited into a Bahamian bank account), however, I'm wondering how feasible this really is. I went to the site, and it looks pretty legit. Basically, the mission is getting Family Island money to my account for services rendered. Any thoughts?

Also, what's the hold up on Bahamians receiving e-funds via online merchant account? (Jump in anytime anyone, I just thought I'd ask.) I did some research on it, and found out that the BFSB had it in place from 2001, but the credit card administrator they were dealing with ran into some trouble, and since then, everything is at a standstill. Again, any thoughts?

The fees are high with 2checkout. It's best to go with direct deposits as it would be faster and you will get all your money. 2checkout's mainly used for the residual sale of digital services like web-hosting.

I think you can also setup a payment plan with some banks here to charge customer accounts as agreed by you and the payee. Read the Tribune Business section today also. The banks are finally coming together to remove cheque clearing times among other current manually banking practices. That can speed up business allot here locally.

Thanks for the info Delroy. Geez, if they're just removing manual banking functions, then we're probably never going on get to the full e-commerce project. What frustrates me is that we seem to have been further along in 2001, then we are now. What's up with that?!

Thanks for the info Delroy. Geez, if they're just removing manual banking functions, then we're probably never going on get to the full e-commerce project. What frustrates me is that we seem to have been further along in 2001, then we are now. What's up with that?!

Well e-commerce is possible locally. Now even more since debit cards are becoming more common. Anyone who has a good experience in web development and knows how the web works can make it happen with what the Bahamas has now. The only issue that I've found really is international shipping costs as far as tangible goods are concerned.

Seriously? I was/am getting static at the banks when I ask about opening an account for this purpose. I assumed that it wasn't an issue via web design or programming, but I thought that since I wasn't getting a straight answer from the banks that the problem was on their end.

Seriously? I was/am getting static at the banks when I ask about opening an account for this purpose. I assumed that it wasn't an issue via web design or programming, but I thought that since I wasn't getting a straight answer from the banks that the problem was on their end.

No banks here do online merchant services (at least none that I know of). I was talking about getting funds from persons with your existing account by setting up scheduled payments.

No banks here do online merchant services (at least none that I know of). I was talking about getting funds from persons with your existing account by setting up scheduled payments.

Yeah, the only thing these banks could do is electronic transfer, which is why I don't understand why they can't extend it to credit cards/merchant accounts. I asked both Scotia and RBC, but they're giving me the run around.

Yeah, the only thing these banks could do is electronic transfer, which is why I don't understand why they can't extend it to credit cards/merchant accounts. I asked both Scotia and RBC, but they're giving me the run around.

They can do it. It's just a matter of setting up an online infrastructure for it. But this will also mean allot of 24/7 support staff to manage it among other things. I guess they don't see the demand, only the cost.

This is the thing! I don't see how they can't realize the potential in offering online businesses the opportunity to launch. They have call centers for their credit cards, and businesses will pay to take their companies online. It's like a no brainer. But like you say, they only see expenses.

See! I told you Delroy is a genius at this stuff!

Lincoln, you know ya people man! Thanks again.

You also can use Paypal, CCBill or Verotel to accept credit cards. The last two can do a direct deposit/wire transfer to your Bahamian Bank Account or they can send you a check. Paypal takes a bit of maneuvering.

You also can use Paypal, CCBill or Verotel to accept credit cards. The last two can do a direct deposit/wire transfer to your Bahamian Bank Account or they can send you a check. Paypal takes a bit of maneuvering.

Yeah, Paypal makes my head hurt. I will check about about those other two though; depending on the cost of wire transfer that may have to work for the time being. ty Yorick! Kaliks for you and Delroy. :cheers:

This is the thing! I don't see how they can't realize the potential in offering online businesses the opportunity to launch. They have call centers for their credit cards, and businesses will pay to take their companies online. It's like a no brainer. But like you say, they only see expenses.

Call centers? LOL
I can tell you almost everyone who works the night shift there at RBC credit card center. There's only one guy there at night. LOL I gatta hand it to him though. He saved my life plenty times when I was running short overseas and RBC blocked my card.

I think it would benefit them to have a third party handle the online merchant services for them.

I think it would benefit them to have a third party handle the online merchant services for them.
RBC Bahamas does actually offer online merchant accounts to Bahamian companies, through a third party in Cayman.

However, the fees are truly ridiculous*, and they will only offer it to customers who have long standing relationships with the bank (i.e. ones they can see are turning a whole heap of money through their accounts).

Oh well, we're only 10 years behind the rest of the world.... plenty time to catch up. <sigh>


---
*They are using a company that deals with businesses in the US, CA and EU looking specifically for offshore merchant accounts to avoid their own country's tax laws, thus willing to pay a high premium for the service. Trying to charge these same ultra high fees to a domestic market is numbingly dumb. RBC appears unable to grasp this.