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Different Types Of Online Payment Methods To Suit Your Business

Different Types Of Online Payment Methods To Suit Your Business

You are already geared at setting up an eCommerce website, or a fully functional online store. One thing is yet missing on your list to make things happen accordingly. That is, knowing the online payment methods that your customers can make use of. Take note that having the right type of payment method matters. One method varies from one business to another and figuring out what suits the nature of your business will be your stepping stone to attracting more customers to come and do business with you. Here is a list of what you can offer.

Credit Card/Debit Card Payments

We are soon to live in a cashless society and as we head in that direction, the use of credit and debit cards has become ever so popular among consumers. They are being used all over the world, thus making them a global payment solution. Accepting payments via these cards will appeal to the international market. They are simple to use and customers regard them as a secure option. It is a matter of keying in the card number, card expiry date, and the card verification value (CVV), a three-digit number found at the back of the card, near the magnetic strip. Contactless payment options can be used to make credit card payments secure.

Take note that credit and debit card payments basically require the same thing. The difference between the two lies in the fact that credit cards can be paid by the customer with their credit card company at a later date, while debit cards already have existing funds, from which the purchase will be deducted.

Bank Transfers

This may not be as popular as card payments, but they are still considered essential payment methods for eCommerce transactions. Usually, this is the last option for a lot of customers, meaning they are only chosen when all other payment methods are not available. The customer has to be enrolled in their bank’s internet banking system so that they can easily facilitate bank transfers when making online purchases. Since these transfers require authentication on the part of customers, they are considered the most secure method when making online payments.

Mobile Payments

Almost everybody uses phones every single day, and for that reason, mobile payments were conceptualized. This is considered the quickest digital payment solution for customers. There are specific types of software that can be downloaded to make this possible. This has to be linked to a debit or credit card.

Electronic Wallets (E-Wallets)

Electronic wallets are among the latest trends in shopping (whether online or not). They basically require a sign-up from both customers and merchants, and the customers must link a bank account to the e-wallet account that they have created. This is where withdrawals and deposits of funds can be made. They can even be integrated with mobile payments where near-field communication (NFC) or other advanced functionalities can be used. The above-mentioned payment methods are among the most popular options for businesses setting up an eCommerce website. The good thing about these payment systems is they can be used in-store as well, especially these days when contactless payment is encouraged due to the ongoing COVID-19 pandemic. When you consider having them to help with running your business and attract customers, it pays to invest in cutting-edge technologies, such as Clover® Mini, that accept such payments.