Back when online payments first started being accepted, Visa was undoubtedly the method of choice. As fraud protection has become more of an issue, alternate payment methods like PayPal have swooped in to take a larger slice of the action. Now, businesses use this payment method to open up markets and make them available once more.
PayPal is one of the top payment methods on the market, especially for foreign payments. With bank charges to consider for non domestic payments, it’s no wonder that PayPal is taking up a larger and larger part of the market each year. This is great for business owners and for their customers, as both sides save money when compared to bank transfers.
There’s also an additional layer of security there, which comes in handy when customers consider sending money overseas. We’re naturally a bit wary when it comes to providing payment details to overseas companies and PayPal helps to overcome this.
It’s not the only alternate payment method on offer though, as there are other ones attempting to steal the spotlight. Bitcoin and other cryptocurrencies are also becoming popular, though they offer slightly different services. The main edge that these can have over PayPal is that they allow the user to send money anonymously.
They’re not the most user friendly ways to pay though, as some users may feel like the learning curve involved is too steep. The ones that do use this payment method are generally using it to send money anonymously without fees. This can be used for unscrupulous businesses to, which has lead to a crack down on the monitoring of this currency.
The risk of hacking is always present with electronic payments, but these payment methods can make users feel more protected. They work by acting as a middle man between the user and the merchant. Gaming sites that accept deferent payment methods are becoming much more popular for this reason, as their users feel more comfortable. Even bingo sites are offering payments with a variety of different options, as this is all part of the user experience.
With cryptocurrencies, users also have the option to hold onto their currency before trading it back into cash. That way, they can effectively gamble on the market as well as the foreign exchange. This is an interesting proposition as it’s possible to wait for the currency to become more valuable before moving into their chosen currency.
There are so many payment options out there, online merchants would be remiss to leave this aspect out of their site. These have went from small companies that nip at the heels of the likes of Visa to their own sector that can effectively push out the other payment companies out there. For merchants, this means that they must make these payment methods available in order to entice their users with no fee payments.
No matter what payment method you prefer to use, it’s always advisable to keep yourself safe online. In an era in which fraud is becoming more and more prevalent, alternative payment methods serve to make reluctant users able to pay once more. Whether these will still be the most popular methods in years to come is hard to predict though it is likely that they will continue to rack up more users.