Introduction To Online Payment Service

A global payment system or payment gateway is an e-commerce service which enables merchants or business owners to accept credit card and other forms of Internet-based transactions securely on their website. This system is crucial for online businesses because if the payment options on your e-commerce site are not set up in the right way, there is a risk you will face a great loss of orders placed in your store. This, in turn, will have negative effects on your sales mainly because of disgruntled or unsatisfied customers.

On the other hand, having the right payment systems will play an important role in ensuring the long-term success of your online shop. With the right payment systems, you can make it simple and easy for customers to pay for your products.

At present, there are various payment gateways available today. However, not all of them function in the same manner. Choosing the right payment systems most suitable for your business and most convenient for you and your customers is therefore important. It may take you some time to find the best ones but with some tips and key factors to consider, you will have an easier time narrowing down your options and make the process of selecting a little easier.

PAYPAL

PayPal is one of the most popular online payment method used widely in so many countries and it is linkable to a bank account which allows it to transfer and withdraws funds.  A debit or credit card works well if linking the bank account does not work well and your account will be verified after you have set up a payment method and you’ll be able to receive or send money with it.

There is always a fee being charged for any sort of money transfer and the rate varies between the country or the currencies the money is sent or received from. PayPal also protects it buyers for up to 45 days and it’s easy to ask or maybe issue a full or partial refund within the period of the 45 days. A flexible fee is being charged by PayPal when you want to withdraw money depending on whether it’s withdrawn to a bank account or your card.

PayPal is known internationally and it gives it customers worldwide recognition and convenience. It is used by online shops, telecommunication companies and a lot of online services. PayPal is easy to set up and you can sign up for any part of the world. It is based in the UK and USA.

PAYZA

Payza is also known as Alertpay, you can send and receive money from 190 countries across 21 currencies. Payza is based in the US and Canada which supports some certain banks and debit/credit cards from some recognised countries. Funds can be added to your Payza account via credit card or bank transfer; you can request money through invoices and send money to other PayZa users.

To create an account is totally free but a small fee is being charged for all the services of transferring money which is affordable for all users. It has a lot of security features which protect online payment service made by online merchants. Apart from transferring money between it users, Payza allows you to manage multiple businesses with one account.

PAYONEER

Payoneer is another online payment service similar to PayPal and it is an interesting way of paying for online shopping.  A prepaid MasterCard is delivered to your doorstep after you might have registered with Payoneer. Signing up is free and you’ll only be charged after your card is being activated. Money can be load into the MasterCard from your local bank or from other credit cards.

The newly activated card can be used in so many countries around the globe and in different currencies. An annual fee is required for maintaining the use of the MasterCard. The card can be used to purchase items and withdraw money from a MasterCard ATM

Read more: Introduction to Online Payments Risk Management

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