(Advanced Payment solutions) When it comes to forms of payment, you might find yourself overwhelmed with the sheer volume of options out there — cash, credit cards, debit cards, gift cards — and that’s not even going into more advanced means. Here are some top advanced payment solutions that you need to start using now!
1. Recurring payment
The easiest way to pay for something on a regular basis is by setting up recurring payments. It’s an automatic payment that you set up once, and then the merchant makes sure you stay subscribed to their service or product without having to go through any formal processes.
This includes automated solutions like subscriptions or memberships, but it also covers things like cell phone bills.
If you are looking for great benefits of using Recurring Payments, there are many of them, including easy integration and flexible customer-friendly features. This is truly an easy way to pay for something.
2. Code-based payment method
This option lets you make online transactions by giving the other party a code instead of your credit/ debit card number or bank account details.
What’s more, there are no third parties involved at all! All you need is both users’ computers and digital wallets (which are like virtual vaults) to make the transaction, and you’re done.
Code-based payments work like this: The user provides another party with their code along with the address of their digital wallet, which is then added up into that other person’s own digital wallet.
You can also choose to provide only your code (with your information stored safely in your wallet), but the risks involved make it less popular than option #1.
3. Swipe-to-pay method
This means making a purchase by swiping your card or smartphone against an NFC/RFID terminal; think about Apple Pay or Android Pay when you want to buy something from a store using just your phone!
The process is automated and almost instantaneous, which makes it perfect for small, everyday transactions.
4. Double-payment method
This payment method lets you pay with two different cards at the same time, say for example your MasterCard and Visa card to buy something off eBay or Amazon using their ‘Pay Now’ service.
Again, if you want to know what exactly these terms mean, read up here. The good news is this option doesn’t cost you anything extra!
5. Direct debit method
Not everyone knows this form of payment exists, but it’s one of the most used non-cash methods out there because it can be very convenient.
Instead of having to give your credit/debit card all the time (or worrying about carrying cash), why not allow merchants to take payments from your bank account directly when you make a purchase?
6. Hosted payment solutions
This is a type of service where both the companies and customers benefit from; you will get faster transactions supported by robust security features, while businesses can offer more options and reduce their overhead costs.
The solution also offers various business profiles that allow users to choose different payment types: in case merchants don’t want to use merchant account services, they may use hosted payments.
7. Push Payment
It has been seen that during shopping at physical stores many cases where we need to wait too long for getting our debit/credit card processed which leads us to be frustrated with waiting time and wish we could also pay without taking out our credit/debit card from wallet or bag etc… In order to resolve this problem, push payment technology has been introduced.
8. E-wallet solution
These days, people use their mobile phones for making daily transactions rather than cards or cash. eWallet is one of the best options to make secure transactions through your smartphones.
It allows users to store money in virtual wallets which can be used anytime for making purchases online without entering their debit/credit card details. It’s a safe and simple way to manage your digital finances.
9. pre-authorized payments (PAP) solution
This type of payment method offers users the flexibility to pay bills in monthly installments with predetermined amounts.
This offers convenience in paying bills easily by giving them no need to worry about missing any bill payments or extra charges added due to late payments.
This type of payment is available as a service or as an app like Paytm, billdesk, etc…
10. Micropayment’s solution
This type of payment method offers users to make very low-cost digital payments for everyday transactions; we can say that this type of transaction works on a low-value and high-volume model. E.g.,
You will not miss your bus by paying 5 cents (lower end) and you may also buy a cup of coffee from Starbucks with the micropayment option which would cost around 10-20 cents (higher end).
Why should we use all of these kinds of payments?
The best thing about all of these payment types is the fact that they allow consumers to make purchases with one click.
While some transactions require authentication (aka log-in), this process ensures that it’s you who is buying something, not someone else!
And because it’s quick and easy, you can make multiple transactions in a short period of time, as well as carry out ongoing payments for services.
The best part is that most pre-authorized payment types are done automatically from your bank account or debit/credit card, so you don’t have to worry about missing any bill payments.
This method also offers various benefits to businesses, as they will be able to reduce their overhead costs associated with processing credit card payments.
What else do I need to know?
While the above-mentioned payment types are great for consumers and businesses alike, it’s always best if we read the terms and conditions before choosing one because every method has its own pros and cons.
So before making a purchase, ask questions like how much does it cost per transaction? Is there any fee or hidden charges? Will this type of payment save me money?
Since the invention of the internet, people have been trying to come up with one payment solution that can work on a global level.
While most countries have their own method of making online payments, there is still a demand for a single solution that works efficiently throughout the world. Choose the one that works best for you and make your payments easier.