The brave merchants/retailers who have decided to increase their business sales by accepting online payments are definitely heading for success in the 21st century. The humble credit-card has now become the most commonly used purchasing method, and accountable for approximately 90 % of internet transactions in the USA and Europe. Selecting the appropriate payment method and financial service provider for an e-Commerce account will establish a company’s presence as an authorized internet retailer.
An e-Commerce payment program, otherwise known as Electronic Data Interchange (EDI), enables the acceptance of electronic funds so as to conduct financial transactions over a website. Nowadays, there are various different online transfer methods available that can adapt practically any customer’s desire.
Debit and Credit Cards: Debit and credit cards are the most commonly used form of payment on the internet today. Individuals who have qualified for set-limit amounts from financial institutions, typically use credit cards. Debit cards are also distributed by financial institutions, but are generally linked directly to the client’s personal checking account, subtracting from their bank balance every time a purchase is made.
Digital Wallets: A digital wallet is comparable to using an ordinary wallet in a shop. A lot like using debit card, an e-wallet is also typically linked to a person’s checking account, combined some saved information. Frequently, web browsers will incite shoppers to save information like billing information and addresses. The aforementioned process allows a returning client/shopper to check-out of a website’s shopping cart swiftly, with a simple click instead of re-typing all of the same information.
Electronic Funds Transfer: Electronic Funds Transfer (EFT) is the exchange of funds/monies from one bank account to another, via a computer-based system. EFT transactions also facilitate electronic bill payments for things like mortgages, utilities, car- and insurance payments. Clients generally use EFT if a website doesn’t have credit- or debit card payment facilities available.
Mobile Phone Shopping: Wireless Application Protocol (WAP) is a method comparable to the digital wallet concept, except that it relates to the extraction of info from mobile phones. Online shopping and new smart phone technologies allow clients to browse, choose, and buy products from their handheld mobile phone devices.
Payment Service Providers: Payment Service Providers (PSP) are third-party networks which enables internet consumers to link many forms of money into a single, online source – so as to avoid fraud and identity theft. By consigning funds to a PSP, clients are free to shop without fear of being robbed or being stripped of their personal banking details.
Providing consumers with every conceivable purchasing method prevents businesses from losing sales because of poor accommodation.