Popular Online Payment Methods

Converting your website visitors to actual customers is most effective when you have a payment method that works. Also, having multiple payment methods makes sales conversion easier. Shoppers do not have to leave because their preferred banking option is unavailable. They are free to choose what works for them.

Different kinds of industries use several providers. From marketing to entertainment, online casinos, and other small businesses, credit and debit card payments are the most common. Companies like Visa and Mastercard are at the forefront of many e-commerce transactions. 

However, other methods have also become widespread, including e-wallets, mobile billing, and, most recently, cryptocurrencies. PayPal has been the leading e-wallet payment for a long time with a significant presence in dozens of countries. Online casino payment methods also include cryptocurrency solutions, with Bitcoin casinos on a steady rise. 

Some other popular payment methods are: 

Skrill

Skrill is mostly used for personal, foreign exchange transactions, as well as online gaming transactions.

Pros

• Wide coverage and present in about 200 countries

• User-friendly app

• Useful for both personal and business transactions

• Absence of a fixed transaction fee for transfers to a bank account

• Offers a Mastercard powered prepaid card

Cons

• Complicated fee system

• International exchange fees for Skrill to Skrill transfers are high

• Setting up a Skrill account is quite stressful

Payoneer

Payoneer is predominantly used by online freelancers and e-commerce businesses. It is designed to enable large businesses to facilitate easy employee payments and also to receive revenue from product sales.

Pros

• Easy to use for e-commerce businesses 

• Offers a prepaid Mastercard debit card for online shopping

• Local currency account available

• Present in over 200 countries

Cons

• There are transaction limits.

• The prepaid Mastercard comes with very high fees.

Google Pay

Google pay is super simple to use, and it makes online payments seamless. Users can make and receive payments whenever they want to. Google pay is best for personal use or small business enterprises.

Pros

• Free for both business owners and customers

• Easy to set up

• Very safe and secure 

• Offers referral promotions and rewards

Cons

• Not widely accepted

• Not functional on all smartphones

• Data privacy protocol is inefficient

• Only a select group of banks offer Google pay

Apple Pay

Apple Pay is a payment method available on iOS devices. It is excellent for personal use and also for businesses.

Pros

• Available with major banks and credit cards

• Easy user interface

• Safe and secure

• Data privacy protocol is efficient

• Free to use

Cons

• Limited use; not everyone uses an Apple device

• Not widely accepted by business owners

Dwolla

Dwolla is a platform used by companies that want to include bank transfers in their system. It is designed for payments made by bank transfers. Dwolla is best used for b2b businesses and companies that offer billing services.

Pros

• Low transaction fees

• User-friendly interface

• Availability of development tools

• White label bank payments

Cons

• Doesn't work with credit cards

• Slow transactions

• Not very widespread

Due

What makes Due stand out is its time tracking and invoicing software. Due is good for freelancers and small businesses.

Pros

• User-friendly dashboard

• Invoice tab to track pending payments

• Digital wallet

• Experienced customer service 

Cons

• No free trial

• No mobile app

Stripe

Stripe has a flexible API, which enables business owners to customize it for their personal use. It can be set up for subscription-based service providers and on-demand payments.

Pros

• Easy to navigate.

• Payments are accurate.

• Exporting information is easy.

• Supports integration with scheduling apps

Cons

• Complex fee structure

• Not functional in many countries (Available in only 39 countries)

• Setting up requires a developer