The year 2020 has witnessed a surge in the use of online payments for goods and services. COVID-19 has kept consumers indoors and forced them to conduct their shopping online. Many retail outlets have closed their physical stores and opened online variants for their customers. This reliance on e-commerce has naturally increased the demand for online payment services.
Today, most internet users have to use online payment platforms to buy daily necessities, entertainment, and luxury items. Online payment processors now offer a wide range of currencies so users don’t have to convert their local currencies to either USD, EUR, or GBP.
Presently, it’s not unusual for users to use online payments to play at online casinos across the globe with their local currencies. It is also easy to check whether an online casino or payment processor accepts a particular currency. For example, if you want to play blackjack at an online casino located in South Africa, sites like PlayCasino can direct you to the right casinos that use the local currency (ZAR) so that you avoid any unnecessary conversions.
Not everyone may be interested in using an online payment service for entertainment. But entrepreneurs and business owners who have to move a large part of their business online need to choose a suitable payment platform. That’s why we have listed some of the most widely used payment services available to customers today.
PayPal is undoubtedly the most popular brand that manages payments online. It has over 300 million active users with more than 9 million new users joining the platform in a single quarter of 2019 alone. But apart from its size and popularity, there are many reasons to use PayPal including,
* Access to customers in over 200 countries
* Capability to send and receive funds in over 50 currencies
* No monthly or annual maintenance or membership fees
* A single account may be linked to more than one credit or debit card
* Users can make purchases without money in their PayPal account if they link their debit card or bank account.
PayPal allows users to stay anonymous online by making purchases without revealing their personal and financial information. Overall, PayPal is a safe and reliable platform for receiving or making payments online.
Apple Pay brings on several innovations to the e-commerce domain. One of them is the use of fingerprint verification. Instead of using usernames and passwords that can be hacked and misused by fraudsters, Apple Pay uses touch-ID confirmation.
This means that users can use a fingerprint to confirm payment for anything they buy with their iPhone. While the concept of touch-ID confirmation is still novel, it has the potential to grow rapidly as many new mobile devices now support fingerprint recognition.
Payoneer is a relatively old global payment processing service. It provides services to over 200 countries and supports 150 currencies. Payoneer focuses on helping people to send and receive payment for work done online. That’s why it is popular among freelancers and those who hire them.
Payoneer also has a flexible API that you can integrate into your website to receive payment. If you want to receive your money in cash, you can use the Payoneer MasterCard to withdraw from an ATM or POS terminal.
Stripe is similar to PayPal because you can use it without paying any yearly or monthly maintenance fees and it offers users a safe online shopping experience.
Stripe was set up to enable users with technical know-how to customize their payment platform. Some of the features that make Stripe attractive to business owners include:
* An sophisticated fraud-management tool known as Stripe Radar
* Stripe offers businesses physical or virtual debit cards
* Artificial intelligence enhances smart business decisions.
* A large number of APIs enable you to develop your subscription services and on-demand marketplaces.
Stripe provides support for over 100 currencies and it offers features like subscription billing, mobile payments, and single-click checkout. Website owners also have a dashboard where they can view and analyze transactions.
Skrill is another widely used alternative to Paypal. The key features that make online business owners use Skrill include:
* Instant withdrawals and deposits
* Low transaction fees
* Capability to send text messages
* Support for 40 currencies.
Skrill offers users generous bonuses for referrals and this strategy has helped the company to grow its user base rapidly.
This award-winning payment solution is now available in 200 countries and it provides support for at least 250 payment methods and 150 currencies. Adyen has won an award for its security and fraud detection solution.
Adyen is a trusted payment provider used by Spotify, Uber, and Microsoft. Recently, eBay announced that it will be using Adyen as its main payment platform while PayPal will become an alternative payment option.
Some of the key features of Adyen include:
* It accepts all payments made to your business through a single platform
* It provides integrated data insights about customer behavior that enhance business intelligence
* It provides tools to mitigate fraud and risk.
AmazonPay is a smart payment option because it enables you to reach out to hundreds of millions of Amazon users. Existing Amazon customers can log into their accounts to pay for items in your online store. Amazon Pay offers these benefits to online store owners:
* It’s easy to set up
* It works perfectly with mobile devices and voice search
* It allows you to charge membership fees
* It provides seamless refunds when goods are returned
Today, online business owners and shoppers have a wide variety of payment options to sell or buy services and products online. Each platform offers its unique advantages, so you need to visit the payment processing website and discover more about their terms and conditions of service.