A global payment system, or payment gateway, is an e-commerce service that enables merchants or business owners to accept credit cards and other forms of Internet-based transactions securely on their website. This system is crucial for online businesses because if the payment options on your e-commerce site are not set up in the right way, there is a risk you will face a great loss of orders placed in your store. This, in turn, will harm your sales, mainly because of disgruntled or unsatisfied customers.
On the other hand, having the right payment systems will play an important role in ensuring the long-term success of your online shop. With the right payment systems, you can make it simple and easy for customers to pay for your products.
At present, there are various payment gateways available today. However, not all of them function in the same manner. Choosing the right payment systems most suitable for your business and most convenient for you and your customers is therefore important. It may take you some time to find the best ones, but with some tips and key factors to consider, you will have an easier time narrowing down your options and making the process of selecting a little easier.
AIRTM
Airtm.com was founded by Ruben Galindo and Antonio Garcia in 2015. They were inspired to create the platform after seeing the challenges faced by people in Venezuela who were struggling with hyperinflation and limited access to banking services.
Airtm.com is a digital banking and peer-to-peer exchange platform that enables users to have access to various payment methods. Airtm’s platform allows users to link and manage various bank accounts, e-wallets, and other payment methods in one place. It supports over 200 payment methods, including digital currencies such as Bitcoin, Ethereum, and Litecoin. Airtm users can also send and receive money from other Airtm users or use its exchange service to buy or sell digital currencies, fiat currencies, or e-wallet funds at competitive rates.
It provides several advantages over traditional banking systems. It allows users to access financial services that may be unavailable or restricted in their country or region, including individuals who don’t have a bank account. Its platform also provides more transparency, security, and flexibility compared to traditional banking systems. Additionally, Airtm charges lower fees for transactions compared to traditional financial institutions, making it a more affordable option for many users.
It aims to provide a safe, secure, and convenient way for people to manage their money and access financial services regardless of their location, currency, or banking restrictions.
PAYPAL
PayPal is one of the most popular online payment methods used widely in so many countries, and it is linkable to a bank account, which allows it to transfer and withdraw funds. A debit or credit card works well if linking the bank account does not work well, and your account will be verified after you have set up a payment method, and you’ll be able to receive or send money with it.
There is always a fee being charged for any sort of money transfer, and the rate varies between the country or the currencies the money is sent or received from. PayPal also protects buyers for up to 45 days, and it’s easy to ask for or maybe issue a full or partial refund within the period of 45 days. A flexible fee is being charged by PayPal when you want to withdraw money, depending on whether it’s withdrawn to a bank account or your card.
PayPal is known internationally, and it gives its customers worldwide recognition and convenience. It is used by online shops, telecommunication companies, and a lot of online services. PayPal is easy to set up and you can sign up from any part of the world. It is based in the UK and USA.
Google Pay
Google Pay was launched in 2015 as Android Pay, but in 2018, it was rebranded as Google Pay to unify all of Google’s payment services under a single brand. Google Pay is an online payment system developed by Google, it is a digital wallet.
Google Pay has become one of the most popular online payment systems in the world. It allows users to make payments quickly and easily, without having to enter their credit card information every time. Google Pay also offers users the ability to store multiple payment methods, such as credit and debit cards and loyalty cards, making it a one-stop shop for all your payment needs.
Google Pay works by securely storing users’ payment information and using it to process transactions. Users can add credit and debit cards, as well as loyalty cards, to their Google Pay accounts. When making a purchase, users simply need to select the card they want to use and then authorize the transaction using their smartphone.
Google Pay can be used to make purchases online, making it easy to complete transactions in just a few minutes. It can be used to make payments at physical stores that accept contactless payments. Google Pay allows users to send money to friends and family quickly and easily. Google Pay is incredibly easy to use. It can be set up quickly and easily, and transactions can be completed in just a few taps. Google Pay uses industry-standard security protocols to protect user data and prevent unauthorized transactions. Google Pay can be used for international payments, making it easy to send money to friends and family around the world.
Overall, Google Pay is a convenient and secure payment system that offers users a range of benefits. Its easy-to-use interface and multiple payment options make it a popular choice for online and in-store transactions, as well as peer-to-peer payments and bill payments.
PAYZA (Payza is out of business.)
Payza is also known as AlertPay; you can send and receive money from 190 countries across 21 currencies. Payza is based in the US and Canada, which support certain banks and debit/credit cards from some recognized countries. Funds can be added to your Payza account via credit card or bank transfer; you can request money through invoices and send money to other Payza users.
To create an account is totally free, but a small fee is being charged for all the services of transferring money, which is affordable for all users. It has a lot of security features that protect online payment services made by online merchants. Apart from transferring money between its users, Payza allows you to manage multiple businesses with one account.
PAYONEER
Payoneer is another online payment service similar to PayPal, and it is an intriguing way of paying for online shopping. Once you register with Payoneer, they deliver a prepaid MasterCard to your doorstep. You can sign up for free and only incur charges once you activate your card. You can load money into a MasterCard from your local bank or other credit cards.
You can use the newly activated card in numerous countries worldwide and in various currencies. An annual fee is required to maintain the use of MasterCard. The card can be used to purchase items and withdraw money from a MasterCard ATM
Wise
Wise.com (formerly TransferWise) is a financial technology company that facilitates quick, cheap, and transparent money transfers across borders. It offers multi-currency accounts, international money transfers, and debit cards, allowing users to hold and convert money in over 50 currencies, send and receive international payments, spend abroad with low fees, and manage business finances.
Read more: Introduction to Online Payments Risk Management
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