10 Most Commonly Used Online Payment Solutions

10 Most Commonly Used Online Payment Solutions

September 23rd, 2015

Going online is the new buzzword in business the world over. A great business model, a strategic and aesthetically brilliant website and the best of products could all sum up to a nought without a robust online payment method.

When it comes to ecommerce website development of your website the main questions is “Which online payment solution should be used”? Which one is the Best? Will the payment solution provide what we want, is it suitable?

10 Most Commonly Used Online Payment Solutions

Lets discuss about ONLINE PAYMENT SOLUTIONS

If statistics are any index, there are more than 200 online payment solutions to date but not all are reliable. Some of the more popular options could well include:

#1 The Wallet

The wallet or Google Wallet, as it is better connoted is essentially a Google variant of the popular Pay Pal option. This amazing option comes replete with an array of customer centric options like money transfer and even a Google Wallet Card.

The future projections are even more impressive considering that Google plans to provide physical card to their subscribers. They would be linked to the account of the user and one would be able to use them at retail outlets too.

#2 PayPal

This is one online payment option which needs no introduction considering that 8 million transactions are made through this modality every day and the numbers continue to increase. With 137 million active accounts in 193 markets and 26 currencies Pay Pal is one option which has few parallels.

Some innovative benefits with this amazing option include the likes of a card swiping option which helps make purchases without the need to leave your site.

#3 Dwolla

Although a relative newcomer to online payment, Dwolla is no minnow considering that online shoppers now consider it as a viable alternative to Pay Pal. What makes it even more appealing is the fact that unlike Pay Pal there is no transaction fee for payments less than $ 10.

#4 Amazon Payments

A smart way to pay online, Amazon Payments are becoming increasingly popular the world over. This could well be attributed to the fact that the methods is secure as well as simple to use. All that you would need to do is to log on and transact with a click. All that you would need is an Amazon account.

#5 Authorize.net

This is one online payment method considering that it was first launched way back in the year 1996 and continues to grow in popularity. If statistics are any index, it is one of the most commonly used payment gateway on the internet at this point of time.

Those with a penchant for numbers would indeed find it fascinating that there are well over 375,000 merchants using this mode of online payment and the annual transaction volume is a staggering $88 Billion.

#6 ACH Payments

If you are operating in the online business domain and would like to use single or recurrent transactions for directly debiting the saving account of your client; then in all probability you will find ACH Payments the pick of options.

Thus regardless of whether it is a mortgage payment, bill payment or even loan repayment; ACH is the preferred choice and is fast replacing the more conventional paper checks and credit cards.

#7 We Pay

When you transact online ‘We Pay’ will pay. This is one option which is extremely popular considering that it is secure and protects you from fraud at all times. In addition to being a zero risk option, it is also relatively easy to use.

#8 Stripe

Regardless of the size of your business, if you are in the business of ecommerce then arguably you would be looking for a power packed option like Stripe. This is online payment option that is replete with an array of options ranging from seamless security to a powerful toolkit.

What makes this option even more viable it the fact that it is a scalable option and can be customized to the size of your business.

#9 Payoneer

If you do not reside in the US but would like to get your money in a U.S. bank account, then in all probability you would want to opt for Payoneer. This is one smart online payment option which enables one to get a virtual U.S. bank account even if the country of residence is other than the U.S.

#10 Skrill

Skrill or Money bookers, as they were formerly known are positioned as a global online payment option although they have a stronger presence in the UK and the European Market. This could well be attributed to the fact that Skrill has a more favourable transaction fee structure within these markets.

Nevertheless acceptability continues to be high considering that top website and service providers like eBay and Skype accept this modality of payment.

CONCLUSION

Thus it could well be surmised that recent advances in technology and an increasing incidence of businesses going for ecommerce web development for their website has ushered in the need for online payment methods. Regardless of the nature or complexity of your business, there are some excellent online payment options available. Although there is no one ‘best’ method, you could well pick and choose the most optimal option which would help ensure safe and quick transaction for you and your business.

To get solution for your ecommerce website development requirements it is a must to get in touch with web development companies who have experienced not only in designing ecommerce websites but also have good knowledge of online marketing. So in short knowledge of Ecommerce Web Development + Online marketing= A website that generates more lead and sale.

Please share any other online payment solution which you think is a good option for fellow online businesses!

Contact us today to discuss your requirements.

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About Roopali Parandekar

Roopali Parandekar is MD at SATEJ INFOTECH PVT. LTD. Prior to this position she lived and worked in the UK for 7 years. An MBA by education she has an eye for detail and is a very keen learner. She is an expert in Social Media Management and a regular blogger. She writes about latest development in Social Media, Web designing & development, SEO and software applications.

Categories: Ecommerce Website Development

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