With the rate at which technological advancements are speeding up, the ways in which payments are made, especially across borders, have also evolved quickly.
Old payment methods that involved the movement of physical cash are gradually losing their place in financial payment systems. In this article, we will take a look at the most popular acceptable payment option for international and online businesses.
1. Electronic Wallets
Electronic wallets, popularly known as e-wallets, are increasingly becoming one of the most preferred options for making payments online.
There are several types of e-wallet platforms to choose from. All of them offer a safe, convenient, and easy way of transferring and receiving money across borders.
Creating e-wallet accounts is relatively easy, with most of them having various authentication features to help ensure security.
There are also e-wallet business accounts that can be used for international business transactions. For example, if your business is based in Australia and you would like to open an Australian business account, AirWallex is one of the many places where you can begin.
These types of e-wallet platforms are relatively easy to set up and require only a simple online bank account.
One other option, if you are looking to do business in Australia, is the SecurePay payment solution. SecurePay is supported by all the major banks in Australia and offers fast and convenient online payment solutions.
Aside from that, using this platform ensures that you have stress-free integration with most online shopping carts in the country. SecurePay also offers detailed reports on all your payments and transactions.
This also gives you the chance to track payment history, payment statuses, etc. This platform is ideal for simple everyday transactions and can be used by both individuals and businesses.
Aside from the fact that it offers access to local support, SecurePay also places a lot of priority on preventing fraudulent accounts and transactions. This comes in the form of fraud prevention tools to prevent fraudulent transactions even before they occur.
PayPal is one of the most popular payment solutions that offer safe, reliable, and user-friendly payments without the use of physical cash.
With over 300 million current users, Paypal is one of the fastest-growing payment solutions. In fact, in 2019, it grew with over 9 million new users in the third to fourth quarters of the year alone.
Perhaps the only downside of Paypal is the fact that it is not available in every country – which may well be for security reasons.
Currently, PayPal is available in over 200 countries worldwide. The platform is free to register and does not come with any monthly charges. Plus, you are able to withdraw your funds in over 50 different currencies.
PayPal is one of the payment platforms, anyone with an online side hustle should sign up to – that is, if it is available in your country.
Another advantage of Paypal is the fact that you can connect it to your bank account if your Paypal balance is zero. This means that you can still do business. Also, you can connect this platform to several credit and debit cards.
4. Amazon Payment
If you’re looking to reach out to users of Amazon, then this payment solution offers one of the best options.
Amazon payment is designed to give Amazon users the ease of paying for goods and services by simply logging into their Amazon accounts. It is very easy to set up and does not require any payment.
Also, it has been optimized to make it easy to use any smartphone. Plus, it comes with voice search optimization.
Amazon payment solution also makes it possible for users to have access to various other sites with ease. And if you are a service provider, you have the option of charging your clients recurring payments such as monthly fees.
To add to that, it is also very easy to offer refunds when necessary.
Stripe shares some similarities with Paypal when it comes to its user-friendly nature as well as ease of purchase features.
Stripe is also free to sign up for. It does not come with any membership fees or monthly charges. However, unlike Paypal, Stripe offers a customized payment platform.
It comes with special features that users can take advantage of to create payment solutions based on their own specifications or the specifications of their companies.
Stripe comes with special features such as a management tool designed to eliminate fraudulent payments and accounts. It also comes with physical as well as virtual cards that users can take advantage of for employee expenses.
Because of the customized and advanced features that Stripe contains, it is better suited for big companies in search of custom payment solutions.
X-Payments is one of the most popular options of payment solutions that are known for the priority it places on privacy and safety.
If you are looking for a payment system that ensures that all your data, as well as that of your clients, are secured, then this platform is a great choice.
Aside from the fact that X-Payments offers one of the safest credit card information storage, it also allows your clients to make payments while still on your online store.
The platform also processes over 40 different types of credit cards. Perhaps, the only difference between X-Payments and the other payment solutions already mentioned in this article is the fact that the X-Payment platform is not free. Pricing here begins from around 40 dollars a month for every 10,000 transactions made in a year.
GoCardless is an excellent choice for any business owner or service provider that receives recurring payments from clients.
In other words, if you receive payments from clients in the form of, say, monthly subscriptions, then GoCardless payment solution is a great option to have. The recurring payment system is automatic, so this makes transactions very easy.
Plus, this payment platform makes it easy for you to track the payment status of your clients.
A standard subscription to this payment solution if free. However, if you want to add extra features such as developing an email notification and payment pages for yourself or including your name on the bank statements of your clients, then some charges apply.