If you’re starting up or already run you own eCommerce business, choosing the payment systems that your customers will use is a rather important thing to consider. Whichever method you choose will impact how large and diverse your customer base will become. Plainly, this is because certain payment systems are better than others, so if you choose ones with a poor reception among online reviewing communities, or particular methods that have long withdrawal or deposit periods, then you’re going to adversely affect you business. No business owner wants that, so here are some of the most recognised methods plus their pros and cons, so you can make an informed decision.
Credit/Debit Cards (Visa, Mastercard etc)
Credit and debit card payments are one of the most used means of paying for products and services over the internet, and for good reason. They’re incredibly widespread, credit cards often have built in fraud protection, and customers can benefit form the reward programs that often feature as part of their card contract. Unfortunately, however, if your site is hacked then the card data of your customers could be stolen, likely spelling doom for your business.
Used by online casinos, online shops, overseas employers and a plethora of other operators thanks to it’s quick and easy nature and ability to transcend transnational fee regimes, Skrill is a relatively widespread e-payments service where users are issued with a prepaid card that they can use for future payments with other merchants using the service. Though useful for quickly transferring money thanks to it’s quick turnover of debits and credits, the company does lack a decent fraud prevention framework, and has no live customer support, which could be a potential turn-off for your customers. Skrill has been a preferred payment method within the online gaming community thanks to its ease of use, lack of deposit limits and quick clearing periods, something needed by gamers wishing to deposit more funds and withdraw their hard-earned winnings!
Another prepaid debit account, EcoPayz has thousands of merchants using its service, a positive that will likely give you a substantial bank of potential customers who will be fond of the payment method. Registering is quick, simple and only requires customers to supply basic information (plus financial information depending on the manner with which one is funding the account. Unfortunately though, the fees can be rather excessive for customers, especially when withdrawing funds, however if customers are merely paying for products and services from your site, this shouldn’t be an enormous issue.
It’s the most used eCommerce payment method in the world, and for good reason. Quick, easy and well-made, PayPal excels in the realm of payments and is very much trusted by consumers- most merchants should really have PayPal as a payment means available to customers.