What are the different online payment methods in the e-commerce business?
With the onset of the internet we have particularly entered into a new and revolutionary world; a place where we can run and regulate our life via smartphones using the internet. As we are all permanent users of the internet we are aware of its utilization; with the assistance of the internet the small garment shop near our home is outshining on our social media feed as they have inaugurated their e-commerce store.
When you bring your brick-and-mortar business on online platforms, where you are offering service to your customers, where you are growing and expanding your business by building an online store, this is known as an e-commerce business. You are getting connected with new customers through online platforms whether creating a website or pages on social media platforms. It is said to be an online or e-commerce business.
Why should you offer multiple online payment methods?
Out of your large customer base not every customer would share the same preference or say payment method to proceed. It has become important in today’s period to give more options for online payment to your customers; this flexibility would eliminate delayed payments, and increase the customers of other preferences.
Due to the rapid increment in online businesses and services customers are attracted by the advantages of seeking online services, which have become faster and easier in all aspects. We seek services and the service providers offer us the best they could, in return we have to pay them here. We have two choices either pay by cash or use online payment methods. Also, it is acceptable to select the reliable method of the online transaction for both payer and receiver. Online businesses should give both payment methods so it would be convenient for the payer and receiver in payment.
What are the best online payment methods?
Here, we will discuss the multiple online payment methods:
- Credit Card
Using a credit card is one of the forms of online payment transactions you can go with. For making a payment a user has to enter the credit card number, the expiry date, and the CVN in the appropriate column on the seller’s site. Credit Card Verification Number, CVN is used to determine the authenticity and information of the cardholder for security purposes.
- Debit Card
One can pay using debit cards as it is considered the best medium of online payment in India. With the access of debit cards, a customer can purchase goods within the limit depending upon the bank balance of the customer.
- Electronic Wallets
This modern payment method is a prepaid E-wallet or Digital wallet that is a pool of information from multiple credit cards, debit cards, and other bank accounts; where a user has to enter all the required details or credentials only once while registering, this is a safe and secure place to store account details for faster online financial transactions. Whenever a user will access an E-wallet to make online payment transactions he/she doesn’t have to fill in any account details.
Net banking is an online payment method that is initiated by the respective banks of a user. It is simple to use for online expenses, here a customer doesn’t need a debit card to accomplish the transaction. He/she can pay through the method of net banking without using any debit card but make sure that the bank account is net banking facilitated. For making the transaction a user has to enter a net banking ID and pin.
- Mobile Payment
Mobile payments are the most convenient and in-vogue mode of online payment for a large number of customers. This is because it has multiple merits, paying via mobile allows you to make unplanned and frequent purchases as we always keep our mobile phone with us rather than storing cash in our wallets. Placing an option of mobile payments attracts a large number of customers as they don’t have to think twice about ‘how to pay online if I have no cash with me?’ well-making expenses. A user can pay either by scanning the barcode of the seller’s shop or by entering the seller’s mobile payment number. The quicker and more reliable service of mobile payments has made it a more convenient and easy-to-use way of online payment.
- Bank Transfers
Bank transfers are not a wiring transfer method, instead, it comes under Electronic Funds Transfer (EFT) where you don’t need paper cash to make transactions, only data is transferred. This reliable way transfers the amount from the sender’s bank account directly into the receiver’s bank account by entering the required credentials of the receivers and users such as bank account number and IFSC code.
An online business is set up from a business owner’s perception to take its business to the subsequent level, enlarge its customer base, to generate more traffic that would bring more paying customers. For growing a business, the owner has to provide facilities to the customers according to their preferences, this also includes giving more than one option for online financial transactions. As mentioned above these payment methods are acceptable and reliable from both ends.
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