Types of Payment Methods for an Ecommerce Business

When setting up an ecommerce business, you have tens of different things to think about. And one of them is the payment system.

The payment system for ecommerce project is very crucial for your business because of various reasons. Many customers will shop from an ecommerce store only if the site has the payment mode preferred by them.

Different customers have different preferred payment modes. This is why ecommerce sites have multiple payment systems to suit the needs of different customers.

The different types of payment systems used provided by ecommerce businesses are:

  1. Prepaid card payments

This is used as an alternative to debit/credit cards. Prepaid cards are suitable for buyers who are not comfortable sharing their card details. They can use prepaid cards as it comes with virtual currency stored in them. But unfortunately, this payment system is yet to be adopted by a majority of ecommerce stores.

  1. E-wallets

E-wallets have suddenly become extremely popular. The majority of customers use e-wallets while shopping online. Why wouldn’t they? After all, e-wallets are user-friendly and convenient to use. All you need to do is create an e-wallet account and link it to your bank account.

  1. Mobile payments

This is yet another type of popular payment system offered by ecommerce sites. It is an easy way of making digital payments. Just download the mobile payment app on your phone and link it to your debit/credit card or bank account.

  1. Debit/credit cards

This is an old type of payment system but is still used by millions of consumers. To use your credit/debit card, you will need to provide your card details. So make sure that the ecommerce site you shop from is a safe one.

  1. Bank transfers

Although this payment system is no longer, it is still offered by some ecommerce sites. In case, you don’t have a credit card or your e-wallet is not working, you can rely on bank transfers.

Ecommerce businesses are adopting more new types of payment systems to give the best shopping experience to customers. One of the latest options is cryptocurrencies.