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What are the Commonly Used Online Payment Methods?

As we are almost departed from cash transactions, online payments are getting more frequent nowadays. Credit cards, debit cards, UPI, and bank transfers are just very prominent factors of the online business module.

Is the world moving towards a cashless economy?

This question is very interesting as every user is more comfortable using Digital currency than cash. Gone are the days when you have to carry a bagful of currency notes if you want to purchase for, let’s say your wedding or any event at your home.

Well, there was a very unusual threat of it being get stolen, duplicate note fraud, snatching, or misplacing. So online Payment would be a very easy exercise to get rid of this dilemma of carrying cash with you, for purchasing now and then.

There are many solutions to this problem of offline purchasing and its disadvantages. Of course, online purchasing is the solution. But do we know all the methods which can be practiced for a healthy and safe purchase from any e-commerce site or online service provider?  

What are the most used Online Methods for paying Online?

These methods are very useful for the customers and the vendors both, as they can pick the most suitable for their purchase and deal. Thanks to technology, there are various instant payment methods are available today.

It’s obvious to choose a payment method that is suitable for your online business considering its affecting factors, like customer interaction and their convenience.

The buyer is always superior, so any eCommerce site should be picking the payment methods tailored fit for the easy online purchase of the buyer. It would be of great help for your business if you can provide the option of more than one method. By enabling different payment modes you can grab the most opportunities of best conversion for the best outcome.

Below is the list of some online payment Methods for your Type of Ecommerce business

Payment by Credit/Debit Cards:  Payment through credit cards is the most widely used and is also the most popular method today. It’s proven in surveys and studies that online payment of multi-billion Dollars is done in India and internationally via Credit cards today. It is simpler and more secure to use, in which customers have to feed some details like card number, expiry date, and CVV which are engraved on the card by the issuing banks. These numbers also verify if the transaction is not a fraud and hence Credit cards are the most secure way of online payments.

Next in the line-up is the debit card transaction on the web page for purchase. This option is for the customers who want to use their amount already in their accounts, and are more of like a budget-oriented purchaser. Whereas Credit card users can purchase on credit given by banks and can pay the bill later. 

Well, you must add a credit card option for purchasing to your ecommerce site for high turnover and handsome sales.

Online Bank Transfer: This type of online payment is not that popular but some buyers use it now and then. When every other method fails, online customers consider it, as the last and safest method for pay, as it is approved by the buyer themselves.

E-Wallets: This payment method is gaining popularity with each passing day. In this format clients and merchants, need to sign up, after creating an eCommerce account and linking it with their bank account they can easily withdraw or deposit funds for online purchase. This e-wallet can be further integrated with mobile wallets using the NFC functionalities.

Cash: The major liquidity or the in-hand cash is like gold in hand. Without any doubt, cash is a massive method of transaction in a country like India. 

But how can one pay in cash online? 

A very important question, in online purchase it comes in the form of a Cash-on-Delivery option. One can also opt for cash payment at delivery terminals. Well this option is slightly worrisome for eCommerce as it does not guarantee an actual sale during the delivery, and maybe the user is not satisfied with the deal, hence can decline the deal at the last stage, causing loss.

Or in another scenario, its seen that the customer pay with cards, mobile payments, and other methods at the terminals as the delivery agents give them many options. 

Mobile Payment:  Mobile payment is the instant payment solution, it’s at the fingertips of the clients where they can purchase and pay simultaneously. It’s very easy to do mobile payments where you have to download software and link it with a credit card. As online searches, ads, deals, and online browsing get more space on mobile devices, it is more convenient to serve the potential buyers for mobile payments.

Radiant Pay, Guiding You to Provide Secure Online Payments  

Radiant pay is a well-established leader as a Digital Payment Solution provider in the UK for Ecommerce companies eyeing future growth. Radiant Pay is working in the most innovative way to provide the digital payment solution with services like best Payment Gateways, Banking solutions, offering Offshore Merchant accounts, high-risk online transaction clearances with trouble-shooters.

It is known to be the most trusted Payment Solution provider globally and is secure for customer and merchant data.

The golden advice for the eCommerce vendor, who desires to cater to the easiest, user-friendly, and latest digital payment solution then Radiant pay is all one solution.