5 Best Online Payment Methods
Here are the 5 Best Online Payment Methods you need to adopt for Effective Online Banking system.
Credit cards and Paypal are the most common online payment options in the U.S. However, in other parts of the world like Africa, these payment methods may not always be available. That’s why you need to know what the options are that are convenient, safe, and easy to use.
When searching for a suitable payment method, you should look out for:
Low transaction fees
Quick and easy account setup
Fast money transfer
Efficient customer support
Good user reviews.
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List of 5 Best Online Payment Methods
Here’s a brief review of some of the popular alternate online payment options available around the globe.
Debit cards
Prepaid debit cards make online payment quick and simple . Unlike a credit card, that gives you a bill at the end of the month, a debit card removes money from your bank account immediately after you make a purchase. Many banks now issue debit cards to customers who open either savings or current (also called checking) accounts. Many online services and merchants accept debit cards offered by Visa and MasterCard.
The Pros
Convenience: Cash leaves your account immediately, no need to settle credit card bills at the end of the month.
Prudence: Debit cards help you to stick to your budget as long as you are not permitted to take an overdraft.
Easy to own: You don’t need a credit check or lengthy application to own a debit card.
The Cons
There’s a higher risk of having a disputed charge that requires a refund.
You seldom receive reward points, as you get with credit cards.
You can’t use it to automate periodic payments without attaching it to an e-wallet account.
Skrill
With Skrill, you get more than a mere means of payment. It gives you an online account that you can use to receive money as well. Skrill is a multipurpose e-wallet account with a prepaid debit card that you can use to make a payment on online stores and also withdraw money from an ATM.
The Pros
It works anywhere in the world
You can use it with different currencies
Opening an account is quick and easy.
The transfer fee is either 1% or a maximum of 10 euros.
The Cons
The company has strict fraud prevention rules which include freezing of accounts.
Customer service does not always resolve problems promptly.
Nonetheless, Skrill is still quite popular for a number of different uses. When it comes to online transactions, it is also one of the most frequently used online casino payment methods , which allows users to enjoy bonuses from casinos.
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Neteller
This is another popular e-wallet service. Neteller is a secure electronic money transfer service designed to transfer funds to or from merchants that accept it. It is commonly used by forex trading companies, social networks, and online casinos. With a Neteller account, you can withdraw money directly with a Net+ debit card or transfer funds to your bank account. This payment method is also popular amongst online casino players.
The Pros
It is easy to use
Deposits are processed quickly
Transfers to merchants are fast and secure
Bank information is not revealed to third parties
The Cons
Transfer fees are not a fixed percentage. They range from 1 to 5 percent and rise as the amount increases
Withdrawals can be slow to process.
ecoPayz
This is another e-wallet service available to punters. While it is not as big as Neteller or Skrill, ecoPayz is a rapidly growing service provider. With their ecoAccount, you can transfer money to and from merchants. There are also prepaid cards available in USD, EUR, and GBP. It is accepted on a large number of forex trading , bookmaker and casino websites.
The Pros
The two-step authentication helps to protect user accounts
No credit checks are carried out before issuing the prepaid card
The ecoVirtualcard, a one-use payment card, allows you to pay for products and services without giving out your personal information.
You can transfer funds to friends and family for free.
The Cons
Fewer merchants are accepting ecoPayz than Skrill or Neteller
The company may request for a lengthy verification process
The company can close accounts without notice due to inactivity.
Wire transfer
Bank transfers are becoming more popular for
online shopping. Various e-commerce sites, payment processors and online casinos accept them. Many people, who are afraid of using e-wallets or prepaid cards, prefer to use this method of payment.
The Pros
Most banks offer the best security technology available on their online payment platform
Bank transfers have a wide acceptance online and they are the preferred method of payment for many people in developing countries.
The Cons
Bank transfers take longer than e-wallet and credit cards
Banks charge relatively high transfer fees when you make payments online
Receiving money also attracts substantial transaction fees.
Bank transfers may require you to reveal more personal information.
With this brief description of alternative online payment methods, you can now make an informed choice when you need to pay for goods or services online. E-wallets are ideal when you want to keep your details from the public while bank transfers tend to have a higher level of security, but with some caveats when it comes to the speed of the transaction and fees involved.
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