With the progress of the digital payment industry, there are several online payment methods introduced for ecommerce businesses.
The exponential growth of global businesses requires credit and debit card payments and alternate payment methods such as cashless transactions and business-to-business payments.
Once a merchant establishes an e-commerce store, the next step is to set up a payment method to accommodate customers from across the border. For example, many customers use credit or debit cards to make online payments.
While this is the safest available option, some other online payment methods are also secure and efficient.
These are vital for your business to flourish in international markets because if people do not use Visa or Mastercard, your business will lose potential customers.
What Are the Types of Online Payment Methods?
Some of the most popular online payment methods include credit/debit card transactions, bank transfers, e-wallets, mobile payments, etc.
But what is the best payment method, and what should you choose for your ecommerce store? Please read below to learn about them in detail.
Credit or Debit Card Payments
Credit or debit card transactions are among the best online payment methods because they are safe and efficient. Internationally, credit and debit cards serve as a global solution for all types of online transactions.
Moreover, it is easy to use credit cards as you only have to enter the card number, CVV, and the expiry date.
This is why everyone is familiar with making transactions via credit cards.
They are also secure because CVV compares the customer details to detect fraud.
Thus, with strong consumer protection, credit cards have become one of the most reliable online payment methods.
Besides credit cards, debit cards are also popular for conducting eCommerce payments.
They are suitable for customers who wish to make the online transaction within a specific financial limit.
Thus, the primary difference between a credit and a debit card is that if you use a debit card, you can only make purchases from the money present in your account.
In contrast to this, credit cards use billing cycles. You are charged at the end of each billing cycle. The billing cycle usually ranges from 28 to 31 days.
Prepaid Card Payments
Prepaid cards are a good alternative to credit and debit cards. These cards are more like gift cards that come with a stored value. You can choose the card that suits your budget.
Besides this, you can also buy a prepaid card to load your required amount to make online purchases.
The stored currency is a form of virtual currency. But, prepaid cards are still one of the less popular online payment methods. However, they are gaining popularity for cross-border payments.
Bank transfer is one of the best online payment methods because of enhanced security. The bank only approves the transaction once the customer authenticates it.
Bank transfers are essential online payment methods for ecommerce businesses because it is a very simple and easy way to make online purchases.
Moreover, customers don’t even require cards for making bank transfers. Thus, it is convenient, safe, and reliable.
E-wallets, also popularly known as digital wallets, offer customers an advanced online payment method.
It requires the merchant and the customer to sign up. Once you create a digital wallet, you have to link your e-wallet account to your bank account to deposit or withdraw funds.
It is an efficient payment method because customers can instantly make payments. You have to provide your information to the e-wallet account.
Once you shop online, the e-wallet can automatically fill in your information on payment forms. You have to enter your password to activate the e-wallet to make instant payments through your phone.
With ecommerce becoming mainstream, many customers are looking for mobile-friendly online payment methods.
Mobile payments, also called mobile money transfers or mobile wallets, are one such alternate payment method.
This payment solution is efficient, reliable, and quick because you only have to download the software and link it to your credit card to make online purchases.
Oceanpayment | All-In-One Solution for Online Payments
With the rise in ecommerce comes the demand for convenient and efficient payment methods for making online transactions.
In addition, the emergence of various apps, softwares, and global payment processing services has made it possible for customers to use alternate payment methods.
Global payment services such as Oceanpayment are a one-stop-shop for all types of online transactions because they provide many solutions for all types of small and large-scale businesses.
When you expand your business to other countries, your customers will purchase online.
This is where global payments come into play. Global payments are also known as cross-border payments that your customers transfer from another country.
You need a credible payment gateway processor to receive these global payments. The payment provider you choose processes the customer’s payment and transfers it to your account.
This is important for your e-commerce business because if the customers in international markets do not use MasterCard or Visa, they will abandon their carts, resulting in the potential loss of a customer.
In this case, Oceanpayment will save you from losing your customers in international markets by providing them with various online payment methods.
You also do not have to partner with credit card providers for processing payments, as Oceanpayment will offer you the most convenient and simplified processes for payment collection.
With the emergence of various softwares and apps for making online transactions, you need to choose a secure and reliable option for your ecommerce store.
Unfortunately, many cross-border payments result in data breaches and theft. Therefore, you should partner up with a company that guarantees safe payment transfers.
Oceanpayment is a safe global payment service that offers you end-to-end encrypted fund transfers. Moreover, they use risk management steps to ensure that the payments aren’t fraudulent.
If you wish to have an all-in-one solution for your ecommerce payments, get in touch with this global payment service through a phone call or contact form.