In this article, we will present some of we consider to be the best online payment solutions.
The internet has been one of the most revolutionizing technologies of the last century. The world currently has more than 4 billion internet users spread out across the globe. This means that through the internet, you can literally reach half of the world’s population. This can be attributed to the fact that internet access is readily available at meager prices.
For several reasons, people go online, among them being to buy and sell various products and services. While the internet has made global commerce a lot easier, this has also created another problem. People need a secure way of transacting without running the risk of fraud or getting scammed.
Fortunately, with the rise of online global commerce, several online payment platforms have been developed to fit modern needs. Today, several online payment platforms are quite advanced, seamless, and very secure.
Below, let’s check out some of the best online payment solutions you can rely on for your online transactions.
PayPal
Paypal
PayPal is arguably the most efficient and widely accepted payment solution.
The payment solution’s popularity rises because it is a very reliable and pocket-friendly solution that offers its clients value for money. Touted as the titan of online payments by economists, it started as a subsidiary for eBay, mainly used for payments during auctions. A split followed this in 2015, where it became an independent company.
PayPal is very accessible. All you need to sign up with your email address, and with that, you can start sending and receiving payments from anywhere across the globe. Setting up your PayPal account is free, with no additional charges such as monthly fees, compliance fees, or cancellation fees.
Merchants can also accept payments through their websites easily since PayPal is compatible with most shopping sites. The only downside is that clients have to be redirected to their accounts during check out.
With over 15 million businesses using PayPal and over 250 million active individual accounts, The so´´l is undoubtedly the titan of online payments.
Skrill
With over 40 million users, Skrill has definitely made its mark in the online payments industry. Skrill was launched in 2001 as a way of facilitating internet-to-internet payments. Formerly known as Moneybookers, it was purchased by Paysafe group in 2015. Skrill not only facilitates payments between Skrill to Skrill accounts, but also bank account withdrawals and prepaid debit cards.
Skrill is available in over 200 countries and supports more than 40 currencies. It offers both personal and business options to ensure efficiency and seamless service.
Skrill is commonly used by forex traders. This is because it allows larger transfers of cash as compared to its rival PayPal. Additionally, cash can be transferred with ease to anyone with an email address or phone number linked to a bank account. It also has an additional feature where a client can buy and sell crypto currency.
The only disadvantage is its high exchange fees for international transfers as well as its complex fee structure.
MuchBetter
Founded in the UK in 2016, MuchBetter is a new payment solution that was designed with the aim of making online transactions easier and safer. The e-Wallet offers high levels of security with its two factor authentication. Transactions are easily confirmed via a user’s smartphone. Setting up your MuchBetter account is also quite easy and intuitive.
One of the best things about MuchBetter is that you can deposit and withdraw money from online merchants and make instant payments using nothing but your smartphone.
In terms of rates, MuchBetter offers very low rates with no account maintenance fees. Users can also ask for a prepaid MasterCard which is widely acceptable in most stores. In addition, MuchBetter provides excellent around-the-clock customer support to its clients.
The other advantage of MuchBetter is that it offers rewards and promotions. For every $10 spent on the platform, one earns points that are used to run a raffle with weekly cash prizes. Additionally, clients get a chance to win a trip to Las Vegas.
CurrencyFair
Founded in Ireland in 2010, CurrencyFair is an online peer-to-peer currency exchange platform that provides money transfer services in over 19 countries.
In 2014, CurrencyFair emerged as the first-ever global online payment company to break the $1 billion transfer matching barrier; this can be attributed to its massive investment in infrastructure as well as employees.
CurrencyFair is known for its cheap exchange rates which are way lower than those of other payment solutions. Owing to its low rates, the money transfer service claims to have saved over 100,000 clients €280 million in transfer fees.
Amazon Pay
Amazon pay is an online payment solution owned by Amazon. Founded in 2007, it takes advantage of Amazon’s client base and offers a way of paying to other merchants through their Amazon accounts.
Based on Amazon.com, it uses a Java button code generator to create a button that can be copied and embedded onto websites as a mode of payment. Amazon Pay works best for merchants with clients who make lots of single item orders.
Amazon pay, unlike other online payment platforms, offers an inline checkout where clients can check out without being redirected to their Amazon accounts. Owing to its seamless checkout and security features, Amazon Pay can help you boost your conversion rate and increase customer loyalty. With Amazon Pay, the buying experience is familiar and trusted.
Amazon Pay has over 310 million active customers who are already clients on amazon.com.
Wrapping Up
Online payment platforms have revolutionized online shopping across the globe. With the online payment platforms covered above, people can now buy, sell, and send money efficiently and seamlessly, without having to worry about falling victim to fraudsters and scammers. The best part about these platforms is that most of them allow you to transact with people from anywhere across the globe. Most also support multiple currencies. All you need to do is to pick the most suitable of these based on your needs.