HomeeCommerceLiberty Reserve e-payment System Overview

Liberty Reserve e-payment System Overview

Best Freelancers to help you Grow your Business

Liberty Reserve is an electronic payment system that enables account holders to make secure payments on the internet using value stored in their account. Currently value stored in a Liberty Reserve account can be in US Dollars (USD), Euro (EUR), and Gold gram (gg). Liberty Reserve is an e-currency that allows instant payment. It allows account holders to easily send and receive money online no matter their location or distance apart. Since, Liberty Reserve also stores value in gold, it is also a Digital Gold Currency.

Open a free Liberty Reserve account

To understand Liberty Reserve, look at it as a commodity. It is an electronic commodity that is now accepted by a lot of merchants as a means of payment for their goods and services. Liberty Reserve is an instant and irrevocable payment system. Once you make a payment it cannot be reversed even if in error, except however the receiver decides to do so.

To make payment with Liberty Reserve, you need to create an account. Then you buy Liberty Reserve in the value you desire USD, EUR, Gold grams (gg). However, Liberty Reserve does not sell the e-currency directly, they only store it and help you maintain and manage your account. However, there are independent exchange providers that will sell Liberty Reserve to you. Independent exchangers will also buy your Liberty Reserve e-currency from you when you want to sell. Note that you cannot exchange one type of Liberty Reserve for another within your account. For example, your Liberty Reserve EUR cannot be transferred to Liberty Reserve USD within your account. So all three Liberty Reserve accounts are funded and operated separately.

Liberty Reserve e-currency exchangers support a wide range of remittance methods (bank wires, money orders, cash, credit/debit card, PayPal, Western Union and lots more), making Liberty Reserve one of the most widely available electronic payment system on the internet today. In Nigeria, there are a number of Liberty Reserve independent exchangers who will accept direct bank deposit, making things easy for account holders. Note that Liberty Reserve exchangers are independent; hence they are not controlled or regulated by Liberty Reserve SA. However, Liberty Reserve SA recommends that you deal with exchangers that are members of the Global Digital Currency Association (GDCA). GDCA monitor, rank, and rate e-currency exchangers who are its members. Hence dealing with Liberty Reserve exchangers who are members of GDCA is better. A number of Nigerian exchangers are members of GDCA.

Liberty Reserve is very popular in countries where credit/debit cards are in-existent or requirement for getting them too tedious. In Nigeria, although debit cards are now easy to get Liberty Reserve is still very popular because it is probably easier. Liberty Reserve is also popular because a lot of online investment opportunities prefer e-currencies like Liberty Reserve to debit/credit cards. Merchants prefer Liberty Reserve because transactions are irrevocable; hence it is easier and more cost effective to operate. Anyone can buy and use Liberty Reserve all that is required is to find an independent exchanger that accepts remittance from channels available to you.

If you can find an independent Liberty Reserve exchanger in your country, you may be able to buy e-currency with cash deposits in banks or even over the counter. For example, all exchangers in Nigeria accept cash deposits (Naira) in bank to fund your Liberty Reserve account.

- Advertisement -Protect and Monitor your Kids

Note that independent exchangers as their name imply are independent and are not under the control of Liberty Reserve SA. It is recommended you deal with independent Liberty Reserve exchangers that are members of the Global Digital Currency Association (GDCA). GDCA monitor and rank its members. So if you have any issue with a member, you can submit a complaint at the GDCA website. The Association will take it up and hopefully resolve your issue.

You must have a Liberty Reserve account before you can buy the e-currency. Opening an account is easy and free; you simply fill out the application form and login to your account to activate it. Once this is done you can buy or sell Liberty Reserve. You can even be an exchange provider or a merchant once your account is active. Once you have a Liberty Reserve account you can immediately start receiving payments online.

You can also copy a link that enables your website visitors to make payments to your Liberty Reserve account directly from your website. This may be okay if you have very few products or service to display. However if you need more automation/customisation or you have a wide variety of products and services you should go for a shopping cart. You will also need to interface your shopping cart to Liberty Reserve website using a shopping cart interface (SCI).

Liberty Reserve is very popular because of its low transaction fee. Liberty Reserve charges 1% transaction fee each time you receive the e-currency to another account. Senders do not pay any transaction fee. Note that Liberty Reserve transaction fee is capped at 2.99 USD. This means that to receive $10,000 or $1,000 Liberty reserve, you will only pay a transaction fee of $2.99.

- Advertisement -Best WordPress Hosting 2024

Liberty Reserve is very popular among Nigerians involved in online or internet investment opportunities like forex trading and High Yielding investment Programs (HYIPS). Liberty Reserve payment solution can also be used for other transactions. You can buy products on the internet. With Liberty Reserve, you can also pay for services like web design, application development, consulting services and lots more.

Liberty Reserve has a wallet feature. Liberty Reserve wallet is a quick and easy access account for making fast payments. You move a small amount of your Liberty Reserve balance to your wallet for making fast payments. The difference between making payments from your main Liberty Reserve account and making payment from your wallet, is that payments from your wallet does not require lots of security checks hence making things easier for you. However, absence of security checks makes using your Liberty Reserve wallet more risky. So, if you must use the Liberty Reserve wallet, make sure that you move only a small amount to the wallet, leaving the bulk of your funds in your main Liberty Reserve account.

Open a free Liberty Reserve account

Need more information? Visit the Liberty Reserve website for more information.

Liberty Reserve Links

Related Topics

Find the Best Freelancers
NaijaTechGuide may receive financial compensation for products/services purchased through affiliate links on this site. See full Affiliate Disclosure Here
Paschal Okafor
Paschal Okafor
Paschal Okafor is the founder of NaijaTechGuide. A Graduate of Electrical and Electronics Engineering, Paschal is passionate about Technology and since 2006 has written over 4000 articles covering Mobile Devices, Consumer Electronics, Digital Marketing, Mobile Apps, and Online Services. Over the past 16 years, he has managed to turn a blog that started life on a Google Blogger subdomain into the Largest Technology Blog in Nigeria and quite possibly the largest in Africa. Paschal has been Building, Analyzing, and Maintaining Websites for over 17 years and also shares his wealth of knowledge and experience about building and managing websites on NaijaTechGuide.

Recommended Read on NaijaTechGuide

Best Marketing Automation Software 2024

You need the best marketing automation software to scale your business fast and convert...

Best Content Marketing Tools for 2024

As a content marketer, you have a lot of tasks to accomplish. You need...

Best VPN Services Providers for 2024

The internet is one of the greatest achievements of humanity, but it is also...

Best Laptops for Students 2024: 11 Top Picks to Choose From

So, you are a student who is looking to get the best laptop they...

Samsung Phones and Prices in Nigeria 2024

Samsung Galaxy Phones are the secret of Samsung's dominance in the smartphone market. Samsung...

Cheap Android Phones 2024 – Price, Specs, and Best Deals

Are you looking for the best cheap android phones in the market right now?...

Best Android Phones 2024 – Price, Specs, and Best Deals

New Android Phones are launched into the market every week. This means that if...

Best Web Hosting Services for Building Websites in 2024

A good and reliable web hosting service will make a big difference for your...
Find the Best Freelancers

More like this

Best CRM Software for Small Business in 2024

In the world of business, customer relationships are paramount. The business that treats its...

3 Reasons to Opt for a Mobile App for your e-Eommerce Business

Advancements in technology combined with reduced spare time has led to a growth in...

How to Use a CRM for Real Estate: 10 Tips

Real estate is a very profitable business, but it is very important to manage...