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Payment
Thursday, 7 August 2014 06:47
Methods of Payment
Online shoppers in the U.S. overwhelmingly prefer to pay for their purchases by credit card. Foreign shoppers, however, often use other methods because credit cards are not as readily available and widely used in other countries. But credit cards aside, there are several other alternate payment methods that are safe, efficient and easy to use. Usage and processing costs for many of these alternative methods are often inexpensive. The more consumers become familiar with these ways to pay, the more widely used they will become. - Credit Card
By Credit Card
As with all credit card purchases, make sure you have enough available credit before completing the transaction. Otherwise, your transaction could be declined. And, if you haven’t used the credit card in awhile, you also need to be sure it’s active.
By Debit Card
Debit Card, alternately called a bank card or check card. Most online merchants will accept debit card purchases.
Payment Websites
Websites like Paypal and Google Checkout offer a means of instant payment if both parties have an account with them.
By Paypal
PayPal is an e-commerce payment processing company owned by eBay. Users set up a PayPal account and pay a fee for each cash transaction. Rules and fees vary for currencies used and cash amounts transacted. The PayPal website has an easy, step-by-step sign on process. Rules are spelled out in detail. Users can pay from their PayPal account. (For related reading, see 8 Secrets For Selling On The New eBay.)
Wire Transfer
A wire transfer is a bank account to bank account transfer of money.
Electronic Check
The electronic check is a method of payment which draws cash from a checking account, eliminating the paper check and the inconvenience of mailing it. The electronic check, or the ACH or eCheck, as it's sometimes called, requires the payer's name, amount of payment, routing and account number. The user authorizes the transfer of funds from his or her bank website to the payee.
Checks and Money Order
Customers who don't have credit cards, or are paying from a company or municipality may want to pay by check or money order.
Purchase Order
A purchase order, or P.O., is a request or agreement to be paid at a later date for an order placed.
Mobile Payment
The mobile payment option is relatively new, and gaining popularity in foreign countries. Using a mobile phone, consumers can pay for a variety of goods and services, with the charges assigned to their phone bills. This method eliminates the use of checks, credit cards and other pay methods. Multiple charges are consolidated in one monthly statement – the phone bill.
Bank Transfer
The bank transfer is similar to the debit card method – it's a method of transferring cash from one bank account to another account. The debit card in a bank transfer transaction is not necessary, although the results are the same. The bank transfer method provides security and speed.
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