payment methods

Payment Methods

Online Payment Methods – You Need to Know

If you’re working on an online business then there are some common things that you’re probably well aware of. And the biggest thing is you cannot accept payments in cash. That means you must offer alternative payment methods to your customers. There’s absolutely no room for error when dealing with your business’s money. However, offering more options for your customers means that you will actually have more paying customers because not everyone has credit cards these days.

There are various kinds of payment methods are available all over the world. Some are country based and some are international. Such kinds of payment methods are eWallet, credit cards, online banking etc.

eWallet

A eWallet is an online prepaid account where one can deposit money so that the money can be used when required. eWallet provides preloaded facility so that consumers can buy a range of products through online. These types of cards are basically internationally recognized so that a consumer can buy their needs at anytime from anywhere online.

There are many eWallet prepaid card providers are available throughout online. But they differ among their charges and facilities. Many global online payment systems are providing this facility to their customers such as Neteller, Skrill, Okpay etc.

  • Neteller: Neteller is one of the mostly used eWallet in the market and founded by the Neteller PLC in 1999. And now it is one of the biggest companies providing online money transfers. A customer will get a Neteller express account automatically after opening an account. When you provide your necessary identification you will be eligible to have Neteller extended account. Neteller is available in a huge list of countries and providing their best services with a less charge.
  • Skrill: Skrill, previously known as Moneybookers founded in 2002. This is a money transfer company base in the United Kingdom which is ideal for small businesses and online traders. It is considered one of the most convenient ways to send and receive money in real time all over the world. This online payment method system has been authorized by Great Britain and the European Union’s law and it is supervised by the Financial Services Authority (FSA).

Credit Cards

A credit card issued by a financial company giving the holder an option to borrow funds usually at a point of sale. These types of accounts or card charges interest and are primarily used for short time financing. The interest usually begins one month after a purchase is made and borrowing limits are pre-set according to the individual’s credit ratings.

Credit cards have higher interest rates compared to most consumer loans. Almost every store allows for payment of goods and services through credit cards because of their wide spread acceptance.

Bank or Wire

Everyone knows about the banks. Almost all people have a bank account of their own. Banks are popular ways to transfer money or deposit money locally or globally. You can purchase anything locally with the use of your bank account. However, some banks support transactions internationally. Now a days, most banks are providing debit prepaid cards, but there is a limitation within those cards. You can purchase almost everything in locally but you will not able to purchase globally.

Recommendation

There are many ways available to pay or purchase online. But, ewallet system of Neteller and Skrill is renowned for their services and their fees. Almost all over the world you can use these payment methods smoothly and they are very secure.

The use of ewallet system is growing day by day. More companies are offering facilities to spread their services over the world.  But, before using or choosing one of them, you need to consider their availability, charges and facilities.