When it comes to paying for good and services online, there are some payment options which are more preferred than others. While some merchants will prefer fast and safe transactions other will go for options with low withdrawal limits. Although many people have been using PayPal for almost all their deposits and withdrawals, the availability of advanced technology has made it possible to have other alternatives.
Other than using online payment options for the personal business, they are also used by online casinos to enable players to deposit funds into their accounts as well as withdrawing their winnings. These methods range from electronic wallets, credit cards to bank wire transfers and they have been tested beyond doubt as safe and reliable.
Regardless of your preferred payment option, there are basic factors you need to consider when choosing a good online method:
- The urgency of the money being sent
- Transactions charges and fees
- Adjustments in currency conversion
- Your country of residence
- Types of the product being purchased
- The flexibility of the payment method
- Security
9 Common Payment Service Providers
We have compiled a list of the top best and commonly used payment methods for all online transactions.
PayPal
This is the world’s most popular and trusted payment option for buying and selling goods and services online. The good thing about PayPal is that is easy to use, anonymous online transactions, safe, and there are no transaction fees. Moreover, this option is accepted in most countries in the work making the best available among others.
Neteller
Neteller is among the oldest online payment methods. There are approximately 23 million active subscribers to Neteller and it accepted by numerous online shopping stores as well as online casinos. The option is convenient and secure and it can also be used as a credit card and is currently available in more than 150 countries around the globe. Most people who choose this payment option enjoy a number of benefits including rewards and the ability to withdraw large sums of money.
Skrill
Skrill, formerly known as Moneybookers, was established in 2001 and it has become an alternative to some of the popular payment options we have today. The latter is liked by people because it allows instant deposit and withdrawals, unique offers, low charges and the fact that users can send and receive messages directly in their accounts. Besides being available in over 200 countries, it also accepts 40 different currencies. The reliability, safety, and flexibility od Skrill has earned it many rewards over the past years.
American Express
American Express is a pioneer in matters of money transfers as it was established way back in1850. The multinational company provides a number of financial services in travel and other online businesses. It is available worldwide and subscribers enjoy fulltime support, and membership rewards. Additionally, the company offers multiple payments on mobile devices like iOS, Android, and Windows.
Payza
Another popular online payment service provider is Payza. All transaction only takes a matter of minutes and the interface is friendly and easy to use. The site is protected by advanced security systems and it provides 24/7 customer support. It is completely free to sign up and the fact it accepts bitcoins makes it stand out from the rest.
EcoPayz
EcoPayz was founded in 1999 as an e-wallet. The card can be used by business people to transfer funds instantly to different parts of the world. To use this payment option, you need to create an account which will be used as an electronic wallet. EcoPayz comes with a number of benefits such as 100% security, prepaid and virtual cards, anonymous transactions and easy and hassles free process.
Bitcoins
Cryptocurrency has become the world’s fastest and safest way of carrying out online transactions. Its uniqueness lies in the fact that it is used as a currency as well as a mode of transacting online. This payment option is mostly used by people who want to stay completely anonymous. Other than the anonymity, it is accepted in almost all corners of the world.
Bank Transfers
This process involves the transfer of money from one bank to another. It can be used in cases where large sums of money need to be exchanged. It is a common method which involves a simple procedure and charges.
Credit Cards
Credit cards are available in most countries around the world. They include MasterCard, Maestro, Visa among many others. They are considered to be flexible since you can access your funds anywhere and at any time.
Pros and Cons of Online Payment Options
Online payment options are appealing to many traders because most things including revenue payments, shopping, and many others are available online. Well, if you are still planning to join the team, you need to understand some pros and cons of using these options.
Pros
- One click away transactions.
- There is no need to walk around with cash money
- Users enjoy fraud protection
- There are rewards attached to different payment options
- A lot of time is saved transacting online
- Good for controlling expenses
- Some providers offer online anonymity
- Some payment apps are available on major mobile phones
Cons
- The risk of being hacked any time
- Differences in currency conversion
- There is the need for an internet connection
- Some countries are restricted from using common payment options
- There are additional fees on transactions
Conclusion
There is no doubt that the advantages of online payment options overweigh the advantages. With the advanced technology, almost everything is done online and all these require money. The most important thing to consider is the safety and flexibility.