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Most Common Accept Payment Methods Worldwide in 2019

Accept Payment Methods are becoming the most widespread operations around the world at present as customers receive payments through a particular payment channel. Because Accept Payment Methods processes have many different forms, customers differ in using these methods as we will explain.

Accept Payment Methods in 2019

Online Cards

It is a special occasion, greeting or postcard created and customized within a website and sent through the Internet to the recipient. This term is also known as ecard, icard, i-card, a digital postcard, cyber greeting card or digital greeting card. It is Secure international card acceptance. Their types are:

Mobile Wallets

It is a virtual wallet that stores payment card information on a mobile device. Mobile wallets are a convenient way for a user to make in-store payments and can be used at merchants listed with the mobile wallet service provider. Mobile wallets offer increased security and can actually be safer to use than swiping your psychical debit or credit cards. its types:

  • PayTM.
  • Amazon Pay.
  • Google Pay.
  • PhonePe.
  • Yono by SBI.
  • Citi MasterPass.
  • ICICI Pockets.
  • HDFC PayZapp.

Cash Collection

It is a function of Accounts receivable. It is the recovery of cash from a business or individual with which you have issued an Invoice. Unpaid invoices are considered outstanding. The four pillars of cash collection:

  • Time management.
  • Adapt to the customer’s organization.
  • The quality of Accounts Receivable management on a daily basis.
  • An excellent relationship.

Instalments

A series of payments that a buyer makes instead of a lump sum to compensate the seller. Instalment payments often, but do not always, include interest to pay the seller for accepting the credit risk that the buyer will not make payments in a timely manner. Instalment payments can have tax advantages for the seller.

Common examples of instalment accounts include mortgage loans, home equity loans and car loans. A student loan is also an example of an instalment account.

Accept Kiosk

It allows customers to pay utility bills including phone, electricity, cable and water bills. Stores can easily plan around bill payment due dates, arranging promotions to attract kiosk users while they are in the store.

The kiosk features two business models for self-service bill payment kiosk solutions: Direct Bill Payment offers customers the ability to pay their bills in their service providers’ retail locations. Aggregate Bill Payment offers customers the convenience to pay multiple bills at one location.

Advantages 

Reach to an International Audience It can handle many currencies, leading to access to many customers worldwide and facilitating financial transactions.

Customers Can Pay via Mobile Retail payments by mobile apps, like Google Wallet, PayPal, and Apple Pay, are expected to amount to $318.8 billion by 2020. these methods make payment easy.

Set up Recurring Payments that allows a merchant to charge a customer’s credit card for goods or services on a prearranged, recurring schedule.

Build Brand Credibility the believability of the product information contained in a brand, which requires that consumers perceive that the brand has the ability and willingness to continuously deliver what has been promised. More than 80% of customers feel safer submitting their credit card information if they see familiar card logos displayed prominently in an online store, according to CoxBlue.com.

Be Part of the Trend The e-commerce industry grew by 16% in 2017, amounting to $453.46 billion in sales, according to SaleCycle. Accepting online payments allows you to be part of this growing trend and reap the benefits.

Disadvantages

Fees Most providers either charge a per-transaction fee or an interchange fee. A per-transaction fee is usually a small percentage of the total cost of a transaction.

Fraudulent Charges There are two major types of online fraud that you should be aware of: Account takeover and identity theft. Account takeover fraud is when a customer account on your e-commerce site is hacked into. The perpetrator then uses the payment information saved on the customer account to make unauthorized purchases. Identity theft fraud is when unauthorized purchases are made on your e-commerce platform using stolen customer data.