When you are setting up a functional online store or an e-commerce website it is important that you enable an online payment system for your customers. It is a critical task to select the right type of payment method for e-commerce. There are several different types of payment methods and it depends on the type of business, it should suit the nature of the business while also making it easier for the customer.
There are different types of instant payment methods available thanks to the advancement of technology and also there are a few several new digital payment methods like UPI, mobile payments, mobile wallets, etc. developments of these payment systems and adhering to them will help your online store to enhance the opportunities of conversion.
The different types of e-commerce payment systems are:
- Credit/Debit card: Credit and Debit cards are the most common method of payment for e-commerce transactions, it is one of the most extensively used and popular methods of payment used everywhere. Simple and easy to use most importantly it is secure. The only difference between the two is debit cardholders purchase goods with the money that already exists unlike credit cards the money spent by the buyer is invoiced to him, and payments are made after the billing period.
- Netbanking: Another popular and simple way for paying online or making e-commerce payments similar to debit card of paying money that only requires the customer to register with his/her bank for net banking facilities and while completing any purchase it only requires them to put their internet banking ID and pin for transaction completion.
- E-wallets: One of the new upcoming trends in e-commerce payments is e-wallet, to create an e-wallet account both merchants and customer needs to sign-up, after creating the account and linking it to the bank accounts with funds. E-Wallet is a prepaid account that allows customers to securely store numerous credit cards, debit cards, and bank account details. Once a customer has registered and created an E-Wallet profile, he or she will be able to make payments more quickly.
- Mobile Payment: Mobile payment is a digital payment that offers a faster solution for customers it only requires them to download software and link it to their credit/mobile account to the service provider’s website. All the consumer has to do is make a payment request to his or her service provider by text message, and the purchase will be charged to the client’s cell account or credit card.