Top 9 Trending Modes of Payment that are Accepted Worldwide
Payment processing solutions consist of various modes of payment that are widely used by people in this era. Multiple payment methods benefit both the user and the seller as transactions are carried out quickly. Some of the widely used payment options are Square, Apple pay, PayPal, and Payment Depot.
The modern 21st century requires swift movements and actions in everyday routine life. One of the important tasks that all people want to get done without too much interruption is the payment. Whether the job is to make online transactions, bill payments, or ATM withdrawals; every person want the payment procedure to go smoothly without any hustle and bustle. For this, a new emerging market called as payment processing solutions ensures seamless payment methods. According to a report published by Research Dive, the global payment processing solutions is anticipated to fuel the market growth with a CAGR of 12.6% during the forecast 2019-2027.
The payment processing solutions consists of multiple payment options that are widely used by people globally. Some of the popular ones that are used by consumers and the merchants are as follows:
This method is coupled with the POS (Point of Sale) system for in-person payment option; however square provides e-commerce payment options as well. This technique of payment is favored by retail shops, online selling platforms, and e-commerce shops.
If square is incorporated in the e-commerce website then it exempts from charging monthly fees to the user. However, the seller is charged with 2.9% + $0.30 on every transaction with this payment option. Apart from this, square ensures quick payments, prevents frauds, and has straightforward pricing choices.
Furthermore, the companies who are already associated with square are Wordpress, Wix, WooCommerce, X-Cart, and many more.
This is considered as the top payment option because of its versatile nature. Stripe is beneficial for e-commerce shops, on-demand market place, subscription services, and businesses with multiple services and processes. Stripe helps in setting up of recurring payment options and supports in-person payments as well as online payments.
Furthermore, the seller is charged with 2.9% + $0.30 for each card transaction and for international purchases 1% is added in the above stated figure. An ACH transfer is charged with 0.8% of the total transaction with additional maximum fees of $5.
Stripe accepts all major cards from almost all the countries which are as follows:
- American Express
- UnionPay (China)
- JCB (Japan)
Apart from this, some other payment options are also included on Stripe which is as follows:
- Google Pay
- ACH (Automated Clearing House) transfer
- Microsoft pay
- Apple pay
- American Express Checkout
- Visa checkout
- Apple Pay:
Almost half of the U.S.A population roam around with an Apple phone in their pockets because this company controls 54% of the mobile market in the region. This is considered as one of the trusted brands across the world. Apple Pay provides benefits like online as well as in-person payment option, easy to set-up on mobiles with no extra fees to the merchants, facial or fingerprint recognition for online shopping payment, and option to pay with just one click.
This is a well-established brand and widely used digital wallet worldwide. PayPal is famous because it can be set-up effortlessly, provides security, and is reliable source of payment. This mode accepts various modes of payments like Venmo, PayPal, PayPal credit, and all credit and debit cards.
- Leaders Merchant Service:
This consists of both online and real life payment options and also provides security that assures end-to-end address verifications, secure socket layer encryption, card verification, and values authentication of payment.
Apart from this, any person that opens an account on leaders merchant service has the choice of obtaining free online processing software and a free mobile card reader for tablet and smartphones.
Furthermore, the user can procure iAccess that helps in managing payments online; thus tracking all the transactions on a timely basis.
- Payment Depot:
This method of payment comes with an unlimited membership fee of $0.05 per month and also has processing fees that range in $0.05 to $0.15 per transaction. The processing fee is considered as profitable for big businesses that garner heavy profits every month; thus attaining tremendous savings.
The annual membership comes with a 90-days-money-back guarantee. Therefore, one can return the entire equipment within 3 months if unsatisfied with the payment method. Apart from this, the provision regarding no cancellation fees has also made payment depot popular.
This payment method comes with a virtual terminal that nullifies up-front costs while accepting credit or debit cards through emails, phones, website’s buy now option, and SMS. ProMerchant includes a payment gateway called as Authorise.net that allows cards like Visa, Discover, MasterCard, American Express, JCB, and many more to function. Apart from this, ProMerchant also gives out month-to-month deals that can be cancelled anytime.
- Prepaid Cards:
These types of cards are used by minors and those people that don’t own a bank account. Some of the online gaming companies use virtual currency that is stored for in-game transactions via prepaid cards. Mint, Ticketsurf, Paysafecard, and Telco card are the examples of prepaid cards.
- E- Wallets:
The e-wallets are linked with mobile wallets through NFC (Near Field Communication) technology. The users can easily set up an e-wallet account by a quick sign in procedure.
Apart from the above stated methods, there are some traditional methods of transactions that are still followed today by the elderly and the marginalized section of the society. These are cash payments, direct bank deposits, check payments, DD (Demand Draft) payments, and paying via challan. However, the modern ways of transaction are soon foreseen to take over these methods due to the sheer convenience of their usage.