10 Most Popular Online Payment Methods: How would you like to pay?
The importance of online payment options cannot be underlined. Online purchases which are becoming a booming industry throughout the whole year is a crucial part of our businesses. It’s hard for your online business to survive if you don’t utilize electronic sales which means you will have to use electronic payments. Here are the best ten online payments options.
No. 1: PayPal – leading online payment method
There is no doubt that when it comes to receiving and making payments online, PayPal is the leading champ. As the world's most broadly utilized payment platform, it handles somewhere in the range of 8 million payments each day. PayPal has more than 137 million frequent users in 193 countries, supporting 26 monetary forms. Other PayPal advantages incorporate receiving checks through latest smartphone's camera, a card swiper, and enabling clients to purchase without leaving their location.
Paypal's Advantages √
- Fraud protection mechanism
- Customer personal data protection
- Supports multicurrency payment processing
- Ease of access and use
Paypal's Disadvantages X
- They can freeze your money and account at will
- Not all online business have adopted it.
No. 2: Skrill (former Moneybookers)
Skrill can be set up for free and it takes a relatively low cut of any transfer. Other than being a popular and straightforward contrasting option to PayPal, the service is extraordinary for worldwide traders since you're permitted to exchange your account balance onto a prepaid debit card in a flash. An underrated feature is its instant messaging. Lastly, its ability to accept 40 currencies and features such as instant deposits and withdrawals make Skrill the best option if you are looking for something other than PayPal.
Skrill's Advantages √
- Services are borderless
- Convenient withdrawal
- Fewer restrictions
- Better transactions charges
Skrill's Disadvantages X
- Not highly acceptable
- No financial support
No. 3: Stripe – powerful API
Stripe has interested clients for the most recent few years with its efficient and adaptable API. Developers utilize Stripe to coordinate a payment framework into their ventures through Stripe's hearty API. This keeps the requirement for a dealer account and furthermore enables you to fabricate your payment frames that can sidestep PCI prerequisites.
Stripe's Advantages √
- Ease of use
- Bank account transfer
- Complete integrations
- Various payment options for customers
- International customers
Disadvantages of Stripe X
- Accounts hold and terminations
- Unresponsive customer service
- Not user-friendly
- Lack of fraud protection
No. 4: 2Checkout
This is a payment processor which is a blend of a merchant account and payment door that doesn't require PayPal or a Merchant account. Just enlist and check your account and you can begin to accept Visa payments, and even PayPal payments. The organization additionally offers universal payments, shopping basket stores, and a repeating billing highlight.
2Checkout's Advantages √
- Easy and quick access
- Offers integrations with shopping carts
- International credit card acceptance
- Quick refunding
- User-friendly management control
2Checkout's Disadvantages X
- Poor technical proficiency
- Limitations regarding geographical coverage
- Recurring billing
No. 5: Dwolla
This is a payment option that acts as an on-ramp to the ACH network, with some remarkable benefits. It has same features as those of PayPal when it comes to transferring funds. However, it focuses more on bank transfers or ACH.
DWOLLA's Advantages √
- It's free to use
- You can transfer funds through email, Facebook, Twitter, phone or LinkedIn.
- Ease integration of bank accounts
DWOLLA's Disadvantages X
- Poor customer service
- Not adoptable by all online business
No. 6: Google Wallet
The online payment option was once known as Google Checkout; Google Wallet is an online payment service that enables clients to send simple, safe, and rapid cash exchanges from their browser, Gmail account or smartphones. You can store debit and credit cards, loyalty cards and also gift cards to your account.
• Receive money from anyone
• Automatic transfer to your bank account
• There is payment through the web or mobile app
• You cannot use it if you are a registered company.
7. Amazon Payments
This online payment option is not just limited to selling on Amazon. You can integrate the system in many various ways and enable people to pay for goods and services with their saved Amazon account details. It allows users to receive money through Amazon API. Since almost everyone has an Amazon account, it's possible that all your information is already saved.
• The strong branding create trust among users
• Payment details already available
• There is one click payment
• Poor coverage
• There is a potential confusion something goes wrong with an Amazon Payments order.
Payoneer is one of the most established comprehensive payment preparing services. It is accessible in more than 200 nations and acknowledges 150 unique monetary forms. Getting payments is free, and the stage incorporates an adaptable API that develops with your business. Like PayPal, you can get a plastic MasterCard on the off chance that you aren't prepared to go 100 percent advanced.
• Receiving payment from different affiliate network
• You can use the card to do online shopping
• Offers the fastest way to earn money online
• There are low forex rates
• The support provided is not excellent either
• There is high private payment
What makes WePay champion isn't the way that it's a payment processor enabling web shippers to acknowledge credit cards and bank accounts on the web, it's the reality that it's staggeringly straightforward. Indeed, you can start accepting compensation in less than a moment.
• Offers automatic direct deposit
• Instant account approval
• Low transaction fees
• No chargebacks
• Not accepted by all online businesses
• Poor customer support
This online payment option is one of the most established payment options that exist, offering more than 20 years of operating experience.
Authorize.net's Advantages √
- Accepts payments from all major debit and credit cards
- Accepts international payments
- Development APIs
- Offers securely stored customer information
Authorize.net's Disadvantages X
- There are a monthly set up fees
- Carrying out international payments is expensive.