E-Commerce Payment Methods
E-commerce websites that offer consumers a handful of different methods of payment often benefit by doing so since it can increase their sales volume and thus, boost their profits. In addition, offering shoppers safe and convenient payment methods will ensure each sale goes smoothly, encouraging buyers to make repeat purchases, patronage loyalty, and word-of-mouth references.
Credit and Debit Cards
Credit and debit cards are by far the most popular and commonly accepted form of payment in the world. International merchants often accept international cards in a wide form of local currencies.
Direct Debit
This form of payment allows merchants to immediately collect a specified amount of money for a purchase directly from a buyer’s bank account.
Bank Transfers
Local and international bank transfers (also commonly known as wire transfers) refer to the electronic transfer of funds from one financial institution to another, whether it is a bank or money transfer services.
Real-Time Bank Transfers
While a traditional bank transfer may take a few days to process, a real-time bank transfer facilitates instant online authorization of available funds. A more cost-effective payment method for higher value transactions, real-time bank transfers provide merchants with quick payment settlement and increased security for both the merchant and consumer.
eWallets
eWallets are essentially an electronic virtual wallet that allows consumers to upload money to an account and pay and receive funds online. Consumers can send money without sharing any financial information and have the ability to pay using their own bank accounts and credit cards.
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