Global payment methods list

Any online business aiming at reaching a global audience requires fast, secure and easy-to-use payment methods. Nowadays, payment options are surprising in their variety, allowing customers worldwide to pay for a product or service literally in seconds, without checks and cash. Debit and credit bank cards, mobile payments, and alternative methods of payment like e-wallets and Bitcoin wallets make it easy to shop without being tied to the location of both the customer and the merchant. Different online payment methods integration allows merchants to make their potential customers real and increase revenue. That’s why it is essential to have various digital payment options on your site.

How it works

Online payment methods help merchants accept money in a variety of ways, from credit card payments and bank transfers to cryptocurrency. Digital methods of payment allow retailers to deliver their products to customers in any country, significantly expanding the target audience. Once on your company’s site, a potential customer who wants to make an order will look for suitable ways to pay for your product or service. After choosing the preferred card payment type, they will be directed to the checkout page for filling in card details. After this, the info will be sent to a PCI-compliant payment processor, which will direct the transaction to a card network (Visa, Mastercard) for approval.

The more payment methods you integrate, the higher the likelihood of a sale. However, it’s essential not only to have a list of various methods of payment, but also to make the checkout process convenient and fraud-proof. Setting up online payment acceptance includes technical integration (hardware and software) and additional services for payment processing.

How to integrate payment methods into an e-commerce website

First of all, you’ll need a merchant account, payment gateway, and payment processor to start processing online transactions. Speaking of integrating popular payment methods such as PayPal, Stripe or Apple Pay, you’ll need to contract each one directly. But to avoid unnecessary paperwork, long waiting times, and possible refusals from these systems, you can partner with a PCI-compliant third-party payment service provider (PSP) that will customise the acceptance of different methods of payment according to your customer’s preferences. The integration of the payment platform allows retailers to simply select needed types of payment methods, manage the transfer of funds, customise the checkout page and keep track of money directed to their merchant account.

Obviously, integrating online payment methods has its pros and cons. Let's talk about them.

Pros

• Improved competitiveness. Enabling different payment methods significantly improves conversion since customers have a lot more options to pay. A fast, secure and convenient checkout process creates a good shopping experience, encouraging the buyers to come back to you again.
• Multiple currencies support. Most of the payment methods support a variety of currencies, including cryptocurrency, allowing merchants to go global and accept payments from anywhere in the world. Customers benefit from this option, too, because they can pay in their native currency via a preferable method.
• Fast transaction processing. Online transactions take only a few seconds, making the purchase process even more convenient. Customers no longer need to waste time getting to the store or withdrawing cash from an ATM because it only takes a few clicks to transfer money to the retailer.
• Transactions control. Using various payment options, some merchants find it difficult to track every transaction. However, the interface given by a payment provider keeps all the necessary information about the amount, date, type and status of each processed transaction, making it easy to monitor income and expenses.

Cons

• Unforeseen technical problems. Unlike cash payments, online payment systems are completely hardware and software dependent. This means technical issues can disrupt online transactions, inconveniencing customers and depriving merchants of revenue. However, most providers anticipate potential problems and fix them as quickly as possible.
• Hacking risks. The skyrocketing popularity of paying online has greatly increased the level of fraud, and it still cannot be argued that online payment methods are completely protected from fraudulent interventions. Luckily, most PCI-compliant payment processors have improved security features such as address verification systems, tokenisation, and internal risk management to minimise the likelihood of hacking and customer’s card details leakage.
• Service fees. Depending on your business type and payment provider’s pricing, you’ll be charged various transaction processing fees. The fees depend on many factors, such as interchange rate, level of risk of the transaction, and payment method type. Plus, there are flat fees for the services provided.

Online payment security is a pressing issue for everyone, as the number of card details thefts is rising worldwide. That’s why customers and retailers are looking not only for convenient payment methods but, above all, secure ones.

Obviously, it is unlikely to achieve 100% security of online payments since, unfortunately, hacking technologies tend to improve. However, providing maximum protection against fraud should be the top priority of every merchant. If you find it too difficult to manage security tools, we highly recommend contracting a third-party payment platform providing all the necessary security measures.

So, what are the safest online payment methods? There is no definite answer because the payment methods' security level depends on the measures you put in place to protect them. Without advanced security tools, any payment method, from cash to Bitcoin, is prone to fraud. That’s why partnering with a PCI DSS (Payment Card Industry Data Security Standard) compliant payment provider is a key to safe and smooth transaction processing.

Credit/debit card

Credit and debit bank cards still remain the most popular and secure way to pay when shopping online. Just enter the card number, expiration date and CVV on a checkout page, and the purchase will be made in a minute. To pay with a bank card, you need to have a bank account and a credit or debit card issued by a card network like Visa or Mastercard. If you have a bank account but not a card, you can use bank transfers. Bank transfer is a secure payment method with no possibility of a chargeback. Basically, bank transfer means transferring money between two bank accounts.

Prepaid card

Prepaid cards are very similar to regular debit cards, except they are not tied to a bank account. They are commonly used as an alternative payment method in certain niche markets. Prepaid cards are usually issued by card networks like Visa, Mastercard, American Express. The amount of money that you can load on the prepaid card is usually limited and set individually by the card brands. The ability to store virtual currency make prepaid cards more and more popular in some markets.

Mobile payments

Mobile payment solutions allow customers to make purchases, transfer money, pay bills and conduct different financial transactions just in a few clicks and without a physical card. This type includes mobile banking apps, digital wallets and all smartphone-centric payment options like NFC and QR codes. Also, customers can benefit from improved security tools like facial or fingerprint recognition provided by Apple Pay and Google Pay.

E-wallets

E-wallets operate on a prepaid basis, which means that you need to put money into your wallet first in order to pay with it. They make online shopping fast and convenient thanks to their ability to store customers data and funds, using them automatically each time when there’s a need to enter card details. Funds can be easily transferred from your ewallet to a verified bank account.

Digital currencies

The use of digital currencies to pay for goods or services is rapidly gaining momentum. More and more companies in different countries are accepting payments from debit cards and mobile wallets holding Bitcoin or other cryptocurrencies. Given the popularity of digital currencies nowadays, this method promises to gain a foothold in e-commerce.