Online payment services.
Most modern online payment services offer easy-to-use, fast and secure ways to pay – the bare bones of what’s expected from payment providers.
Such companies do so by cutting out the need to enter long card details or personal information. Instead, they operate using stored payment methods and/or third-party processing to speed up the checkout process.
Here’s a list of some of the most popular online payment services:
PayPal.
Alongside credit and debit cards, PayPal is one of the most dominant payment methods available today with over 254 million users worldwide.
Owned by eBay, PayPal is an eCommerce payment processing company that allows users to set up a PayPal account and pay a fee for each cash transaction.
Many customers prefer to checkout with PayPal because it’s so simple and quick to use, not to mention its perceived level of security by online shoppers.
Used by more than 17 million businesses worldwide, PayPal boasts that customers who use its services to checkout convert at 82% higher rates compared with other payment options.
However, keep in mind that rules and fees will vary depending on the currency being used and the amount transacted.
Amazon Pay.
Amazon Pay is another big player in the online payment space.
Similar to PayPal, Amazon Pay is a digital payment processing service that allows customers to pay online using their Amazon payment methods on third party websites.
Amazon Pay uses the details already stored on the shopper’s Amazon account to complete the transaction and provide a speedy checkout experience.
Online retailers can certainly benefit from Amazon’s undisputed popularity across the whole web, as the majority of customers will already hold an account with Amazon.
Direct debit payments.
Direct debit or Credit card payments are most commonly used for B2B transactions as they allow for recurring, automated payments to be made.
The biggest plus of direct debits, is the fact that payment is almost instant, so no need to wait for customers to pay an outstanding invoice.
On top of this, it’s really convenient for your customers as they don’t have to approve payments or remember to pay; the money is simply taken from their account automatically once the direct debit has been set up.
This online payment method would work best for regular invoices such as monthly retainers or subscription-based business models.
Bank transfers / Payoneer .
While not everyone has a credit card, you can be sure that almost all of your customers will have a bank account to keep their cash in.
However, despite the fact that online shopping is at an all-time high, consumers still have concerns about security when handing over card details.
The main benefit of bank transfers is that customers don’t have to disclose any financial details to you in order to make a purchase.
What’s more, bank transfers used for eCommerce payments are only set to grow due to open banking initiatives like PSD2 (Payment Services Directive 2); a legislation to allow non-banks, i.e. retail merchants, to initiate payments without the intervention of traditional card brand networks.
Prepaid cards.
Prepaid cards are often used by adolescents or digital shoppers who don’t yet have a bank account.
Different to gift cards, prepaid cards are a type of debit card issued by a bank or credit card company and ‘loaded’ with a certain amount of money.
The card’s limit is determined by the amount deposited onto the card, and once the balance has been exhausted, the card is worthless until more funds are added.
Due to this level of control, prepaid cards usually have a minimum age limit of 14-16 years and therefore don’t require a credit check.
Online gaming companies tend to favor this form of online payment, with virtual currency being stored in prepaid cards for a player to use on in-game transactions as an example.
Gift cards.
Similar to prepaid cards, gift cards contain a certain amount of money, however they are mainly offered by retailers and, more recently, by major credit card providers such as Visa, Mastercard and American Express.
The most common type of gift card is technically known as a closed-loop card, meaning it can only be used with a particular retailer, although some retail groups will allow the same gift card to be used at other affiliated stores.
Once the sum of the gift card has been spent it can no longer be used, unlike prepaid cards which can be ‘reloaded’ with funds again and again.
Gift cards can help you to promote your brand and bring in new customers, especially around key retail dates and occasions.
Digital currencies.
Digital currencies have come a long way from the uncertainty, risk and illegality once associated with Bitcoin.
That being said, smaller businesses should still approach cryptocurrencies with caution and offer these forms of alternative online payment based solely on the demands of your customer base.
For example, if you are targeting millennials who are most likely to invest in crypto, then offering a digital currency payment option could help you to engage with a younger audience.
Keep in mind that the value of digital currency can fluctuate dramatically compared with traditional currency because it’s not tied to any physical assets.
‘Buy now pay later’ instant financing.
The term ‘buy now pay later’ is used to refer to interest-free credit providers.
Platforms such as Afterpay and Klarna, offer customers a way to spread the cost of their purchase or simply pay for their items at a later date, rather than pay in full upfront.
Online sellers could benefit from these interest-free platforms as they remove one of the biggest barriers to closing a sale – insufficient funds – meaning that your customers can essentially spend money they don’t yet have.
However, most ‘buy now pay later’ providers will charge the retailer a fee per transaction, so it’s important to bear this in mind before going ahead with this alternative online payment option.
Please contact us for get discount for payment Bank transfers / Payoneer or using Digital Currencies .
Send us eMail for more information: dsosport00@gmail.com
Featured Products
