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The Most Popular Online Payment Solutions

Posted on 11th Jul 2019 16:25:04 in Blog

Online payment solutions or payment gateways are actually applications, virtual equivalents to the payment terminal in physical retail stores. Its job is to encrypt confidential information assuring that the payment and other sensitive data transferred between the customer and merchant are safe. The popularity of payment solutions varies and depends on several factors:

  • Security. One thing you should carefully consider before you choose your future online payment solution is security and customers’ data protection.
  • Reputation. Online payment solutions get online reviews, too. As they often entrust the transaction system to a third party, you would need to check on its reputation as well.
  • UI. Platform's user interface should be simple and user-friendly, allowing customization to better suit the client's needs.
  • Fees. Look for hidden costs and compare monthly/annual service fees.

If you're considering registering for an online payment option our list of popular online payment solutions may be a useful guide.

PayPal

With currently 192 million personal and over 7 million business accounts active worldwide, PayPal has grown since 1998 into a leader of online payment solutions. With a personal PayPal account, you can skip entering your financial info when you pay online. Opening a PayPal account, buying something using PayPal, and sending money in your own currency is free of charge. However, there are fees for other transactions and when payment involves a currency conversion.

paypal on your smartphone
PayPal is a giant in the industry of online payment

Conveniently, Coinbase has added the option to link PayPal and Coinbase accounts. This means that depending on the country of residence, customers can either withdraw funds to PayPal or sell their cryptocurrency to their PayPal account. Once you earn Bitcoin you can instantly withdraw your Coinbase balance to PayPal account without any fees if you're a US resident.

Payoneer

Payoneer is an innovative cross-border payment solution that empowers businesses, freelance professionals, and entrepreneurs to connect in global trade. One of Payoneer's benefits is certainly an adjustable API. The platform isn't charging any fees for receiving payments. And just like PayPal, Payoneer offers customers to get a plastic MasterCard to withdraw their balance locally. Moreover, with the private Payoneer account, you can transfer funds into the local receiving account, request a payment, and even pay your VAT.

Payza

It is one of the online payment solutions designed for both personal and business use. Payza is also one of the fastest and simplest online money transfer solutions in the world. It supports paying bills, online shopping, sending remittances, calculating conversion rates before exchanging and money withdrawal.

person holding a phone and working on laptop
Payza includes a range of Bitcoin and Altcoin services

This platform lets you exchange, add, take out, and send bitcoins to or from standard currency. With Payza Cards one can use funds added by Altcoin to load the prepaid cards and turn Altcoins into US Dollars that can be spent online, in stores, or withdrawn from most ATMs. If you decide to keep your Bitcoin as it is, paying with Bitcoin & Bitcoin Cash has many benefits nowadays.

Stripe

Stripe is a payment option created to help you receive and manage online transactions. Its most important contribution to your e-commerce is its powerful and flexible API, which enables you to personalize the platform according to your needs. It also has billing models designed for fast-growing enterprises. This enables businesses to bill customers with a one-time invoice or on an automatically repeated basis. Compared to other platforms, Stripe is more flexible and easier to use.

Square

Square is a point-of-sale (POS) application intended to provide companies with a stable and fast POS system. Significantly, it lets you take payments using your iOS or Android devices and can be used either on the counter or on the road. The Square system comes with free downloadable software and a magnetic stripe reader, permitting payments via debit and credit cards. It allows real-time sales and inventory tracking and includes an item management platform. Similarly, Square generates feedback via smart reports and valuable analytics. At the same time, it offers insights on your operations and assists you make better business decisions.

Authorize.Net

Authorize.Net’s payment platform offers a diversity of options available for its users so they can receive and process payments. Above all, it is known for its virtual terminal that enables users who take mail and phone orders from their customers to submit sales manually. However, it does not have a fixed enterprise pricing scheme and charges its users for every processed transaction. Advanced Fraud Detection Suite can identify, control, and block shady or fraudulent transactions from causing problems.

Adyen

Adyen is a reputable US payment solution run by industry experts. What makes it famous aside from the smooth payment procedure, are its original working policies and immediate access to support. It has a number of efficient and reasonably priced payment procedures that suit the needs of on-budget clients. All Adyen fees depend on the transferred amount. Furthermore, Adyen also works on mobile devices and makes it feasible to send and receive money wherever you may be located.

BitPay

BitPay holds a unique position among gateways that accept bitcoin payments. Although most transaction processing systems using credit cards impose fees between 2 and 3%, BitPay keeps this rate fixed at 1% for all clients. BitPay allows business users to accept Bitcoin payments and donations, send invoices to vendors via email and accept Bitcoin on their smartphone or tablet wherever they are. You can easily use Bitcoin in your daily life, manage and spend it with the BitPay wallet, or turn Bitcoin into dollars with BitPay's Visa-powered card.

Digital Wallets as Online Payment Solutions

Amazon Pay, Google Pay, and Apple Pay are digital wallets making online shopping fast and easy. As you can see, nowadays you have a myriad of choices when it comes to online payment solutions, all you need to do is choose the most suitable solution for yourself.

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