In this day and age, technology feels like it is on the rise every moment; launching new advancements, payments methods and allowing easier and faster ways to pay someone back. We wanted to give you insight into what the 3 biggest global payment methods of today’s time are, to make it a little easier when choosing payment methods for personal or business use.
Credit Cards- If you look around, there is a good chance that everyone surrounding you owns some sort of credit card. This is because credit cards are on the top of the list involving types of payment processing methods, even more so credit cards are leading in global approaches as well. Credit cards use a pull-payment method which means they grant merchants the opportunity to withdraw money themselves, whenever they may choose as long as agreements are established. Due to the pull-payment approach, it makes credit cards a great candidate for recurring payments. If credit cards encompass payments that are against them, they still are assured that these payments are upfront ending any agreement issues. Along with this guarantee, credit cards are also good globally in the payment industry because the customers will allow you to access their credit card numbers granting you the right to use this as a recurring basis.
Bank Transfers- This payment style is pull-payment similar to credit cards in that sector. In bank transfers the customer also provide you with their bank information, where you are then allowed to take out money directly from their bank account using a secure network. The main advantages of bank transfers are their low fees and the familiarity of involving yourself with the most popular type of payment method.
Ewallets- This category in the payment method realm is a more up and coming way to pay due to the advanced technology that it involves. Ewallets are a third party payment method, but whoever administers the ewallet is responsible for the security and process’ of the transactions that occur. You may have heard of PayPal, which is a very popular example of an Ewallet. These Ewallets are becoming a significant game changer because of its simplicity for merchant interaction and the ability for customers to be able to fund the Ewallet as well. Since, the Ewallet is providing advantages for both merchants and customers, it gains leverage over others in this market somewhat conquering the best of both worlds.