Sending & receiving payments with one tap on your phone seems quite effortless, right? Thanks to the internet that has made payment transfers easiest. However, things were never like that before internet payment solutions.
Online payment processing services like G pay and Apple pay are remarkable. However, do you know about all the internet payment solutions, or are you missing something? Half a dozen options exist to send and receive payments via the internet. And for a merchant’s perspective having all the payment methods is a must.
You might be familiar with some of the methods. Still, you can miss a few. In this blog, we cover all existing internet payment solutions. Read this blog to enhance your knowledge further.
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Credit & Debit Card Payment
Payments with credit & debit cards are probably the most common method of payment across the world. Almost everyone is familiar with this method. Considering the popularity of cards, it is the most convenient payment method.
Doent matters whether the customers are familiar with other payments, but they certainly own cards. Customers must enter their card details when paying online via their cards.
The card is linked to their bank account. When entering details and upon successful verification, the payments get deducted from their bank account.
However, merchants must integrate a payment gateway into their website or store to enable card transactions. In case you need to know what is a payment gateway? It’s a third-party service that allows merchants to receive payments.
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E-Wallets
E-wallets are becoming one of the most convenient ways to send and receive payments. With the help of e-wallets, one can send payment from anywhere to anywhere with just one tap.
E-wallets or digital wallets are virtual wallets that store your assets. The assets can be physical like traditional assets, i.e. dollars, euros or any local currency. Also, digital wallets can store digital assets like cryptocurrencies as well.
Customers must install a payment API on their phones like Paypal, G Pay, or Apple Pay and make their payment profiles. Then they have to link their bank accounts with that API. And you are set to send and receive payments worldwide.
For merchants to receive payments via e-wallets, they must have merchant accounts or merchant IDs on mentioned services. Then they must verify their business and generate a token to authorize the payments.
Lastly, they must install a payment gateway plugin or use third-party services like stripe, Braintree or 2Checkout to receive payments without inconvenience.
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Bank Transfers
Bank transfers are the third method to send and receive online payments. Bank transfers are like sending direct payments from your bank account to the vendor. When using cards or e-wallets, you have to link your bank account with a card or e-wallet.
When transferring payments via bank, you can send the payment via online banking service without needing a card. Or you can transfer the funds through an ATM. However, bank transfers are slower compared to e-wallets or cards.
It takes time to send payments internationally via banks. On the other hand, for domestic payments, it is as quick as an e-wallet. You can use services like TD merchants or the CIBC merchant program to enable this payment method on your store.
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Cryptocurrency Payments
Suppose there is any fastest and most secure way of payment. That has to be cryptocurrency. Cryptocurrency is digital currency powered by blockchain technology. Blockchain technology can neither be hacked nor there is a chance of scams.
This technology works as data blocks. And the complete data information gets stored in blocks. Even the transaction of fractions of coins is easily traceable. One can pay their payments through digital coins like Bitcoin and Ethereum.
Each coin has its worth, i.e. one Bitcoin is worth 20k dollars. However, this web payment processing solution is revolutionizing payment systems. Most merchants are now accepting cryptocurrency payments.
Also, governments are taking initiatives to support and promote cryptocurrency payments. For the merchants to accept, payment in cryptocurrency is effortless. They just need to provide their wallet address to the customers. And they would be receiving the payments in just seconds.
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Mobile Payment
One of the best payment solutions is mobile payment. You need an APK to scan QR codes or barcodes to pay via mobile. The QR codes have information, including the product details and price of the product.
It is one of the most convenient ways to pay payments online. Also, the QR codes are secure enough, so there is no such risk of any scam.
The merchants must contact the merchant account providers and sign up for the merchant account. Merchants need to list their products and insert the product’s information, i.e. the product’s name and price.
The service will store the information about the product and generate a different code for each product. The most common example of Qr code service providers is Alipay, we chat, PayPal QR codes and Starbucks.
Also Read: Which POS Solutions Are Required To Run A Business?
How Do Internet Payment Solutions Help In Increasing Sales?
One of the best practices to increase sales on your online store or website is to facilitate customers. Besides providing the best products and services, providing multiple payment options is the best way to facilitate them.
When selling online, your targeted market is the entire world; anyone can buy your products anywhere. You must have multiple payment options, i.e., QR code, Cryptocurrency, & invoicing payment, as customers prefer different payment methods.
However, if you facilitate most customers, they prefer to buy from your store or website as every customer seeks ease of payment.
However, this will result in most customers visiting your store and buying from you, increasing sales and eventually increasing profits.
Key Takeaways
Suppose you are selling online or want to sell online. One thing you need to keep in mind is the efficiency of POS- Point Of Sale. The more efficient & accommodating POS you have, the more sales you generate. Therefore invest in your POS system and take advantage of the chance of skyrocketing your sales.