Online shopping is a convenient way to purchase items from the comfort of your home. However, there are some drawbacks like having to input all of your private financial information into yet another website, or not being able to touch and feel the product before purchasing it.
Well, worry no more! In this article we’ll be discussing the various available online payment methods that you can use for either purchasing from e-commerce stores or selling from your own e-commerce store.
Knowing the best online payment methods for e-commerce stores will allow you to purchase products conveniently, while also offering easy and straightforward avenues for people to purchase from your own online store.
So let’s get right into it.
What are Online Payments?
First let’s start by discussing what online payments are. An online payment is a transaction made through an electronic medium. This typically means using your card, bank account, or other platforms (like PayPal) to purchase items over the Internet.
There are many benefits of making online payments, including speed, ease of use and good security measures. Online shopping is incredibly popular today, but it doesn’t have to be hard if you just know where to look for secure payment gateways that decrease risk while increasing convenience for consumers!
In fact there are many online payment methods available today. The only thing left to do is finding the right one for you.
Why Are There So Many Online Payment Methods?
Many merchants choose not to use credit cards due to their low rates and high processing fees (which they must). Furthermore, businesses which sell in high volume and receive a large number of returns must incur even higher fees.
Online payment methods therefore allow businesses to lower processing fees, increase security and effectively manage their costs. They allow businesses and consumers alike to avoid the hassles of cash, checks, wire transfers, and time-consuming debit orders.
Online payment methods seek to introduce a new level of convenience to purchasing goods and services online. This makes online transactions easier all around, especially for international transactions where converting currencies is usually required.
Online payment gateways like PayPal offer good rates and they typically provide more information about their fees than any other method out there. The many platforms popping up each bring with them their own set of pros and cons.
Pros & Cons of Online Payments
Pros to Using Online Payment Methods
There are many benefits to using online payments for e-commerce stores. Online payment methods help merchants reduce risk while increasing convenience for consumers.
Online payments can be made from a computer or phone anywhere in the world that has an Internet connection. Online payments also offer a global audience which means a larger reach of potential customers who might purchase your products/services, ultimately boosting revenue!
Online payments are an incredibly convenient way to purchase items from the comfort of your home. You don’t have to wait in long lines, you can do it all from the convenience of your own home!
Online shopping is like having a magic wand that allows you to make purchases with little-to-no effort on your part. Online payment methods also allow consumers to make purchases without worrying about divulging their personal details over the Internet.
Online payments give merchants lower processing fees, increase security and help them manage their costs. Online payments also give consumers the ability to make purchases without divulging sensitive information over the Internet.
Cons to Using Online Payment Methods
Online payments are not perfect, but they are an easy way to make purchases over the Internet. Online payment methods have some cons that might deter consumers from making purchases with them.
Convenience is one of the selling points for online payments but it also means that they are more susceptible to fraud and scams since you aren’t physically present when transacting online. Online transactions can be cancelled after a purchase has been made which essentially voids your purchase.
There are ways to minimize this risk by using secure payment gateways like PayPal who offer convenient e-commerce solutions for small business owners looking to sell products online.
Online payment methods also require good customer service in order to resolve disputes effectively in a timely manner. This is why it’s important to choose a reputable seller when using online payments.
Certain websites may not accept online payment methods in order to decrease the risk of fraud. Online payment options are simply too much trouble for some companies, however there are still many other sites that accept them and could be easier alternatives!
Best Online Payment Methods Used for E-Commerce Stores
PayPal Online shopping has become a commonplace occurrence today, and this is in no small part due to PayPal’s huge success which made online payments more accessible.
Online shoppers trust PayPal immensely because it offers two things that other payment gateways don’t: buyer protection and ease. PayPal offers secure e-commerce solutions and allows you to get set up quickly with your own PayPal account so you can start processing transactions immediately.
It has long been considered the best online payment method by many business owners or consumers looking to buy something on the Internet because of its security features and ease of use. All you need is an email address and password which makes it incredibly quick and simple to sign up.
Another viable online payment method is Google Pay. It’s a fast and simple way to make online payments using your Android devices. It is a growing phenomenon in the world of digital commerce because it works with Google Assistant, allowing you to pay with just your voice!
It has a range of security measures in place for all purchases made on Google Pay accounts. All information is encrypted from start to finish which means no one will be able to access any of your data or personal details when you’re making transactions.
Google Pay is especially useful because it allows users to send and receive money quickly and easily, similar to PayPal Online Payments. All you need is a Gmail account, a debit or credit card account, and a supported device.
The supported devices include Android phones, desktop or laptop computers, and even smartwatches.
Pre-Paid Online Wallets
“Prepaid Online Wallets” are electronic wallets that allow consumers with multiple currencies in their account to make online payments but also use them as a form of digital currency. They can be linked up directly to your bank account and This option can be used as an alternative payment option for online shoppers.
They are available in various forms like Apple Pay, Google Wallet Online Payments, and Amazon Pay, and the Cash App just to name a few.
They can be used like a normal wallet to store money but what makes them useful is that they can also be linked up directly to your bank account and the funds in your pre-paid online wallet will automatically convert into its equivalent fiat (i.e. GBP, Euro etc.)
Online payment methods make it incredibly easy for you to send and receive money. You no longer have to wait days before your money reaches its destination as with most wire transfers because there’s little waiting time attributed to using Online payments compared with sending cross border remittances.
Offer More Convenience by Utilizing Online Payment Methods
These are only a few of the best online payment methods used for e-commerce stores. Apart from these, debit and credit cards are also valid payment methods that your store should cater to as well.
When it comes to payment methods, the best ones for e-commerce stores are those which offer a seamless and easy checkout process. It’s not just about security either; you want your customers to enjoy their experience as much as possible without having too many steps or unnecessary extra information that they don’t need.
This way, you can serve them better and make sure that they come back again in the future.
You might also wanna check the Complete Guide To Starting Your Online Store.