Different E-commerce Payment Methods

Shopping online is all about convenience, and that includes how you pay! Gone are the days of long queues in banking halls or hiding cash inside your wooden box for online purchases. Today, there are different ways to pay online securely and quickly.

Since it has advantages like saving time, providing access to better product alternatives, and simplifying the buying process without leaving your home, millions of people have started to choose online shopping over in-store shopping.

For E-commerce businesses, offering customers a list of different payment methods helps them avoid cart abandonment cases resulting in lost revenues. But today, with our advanced technologies, there are different E-commerce payment methods that customers can now use.  In this article,  we’ll explore some of the most popular methods: 

E-commerce Payment Methods

Debit Card

Debit Cards are widely used for online purchases and the most commonly used online payment method. Debit card payments permit users only to use their savings in the connected bank account. On the other hand, credit card payments are made at the end of the billing period, way after the purchase is made.

There are two major types of the debit card - the virtual and physical card. The physical card is the plastic or metal card you can hold in your hand, while the virtual card exists digitally on your device. Although, the safest of them for online payment is the virtual card. 

Debit cards can be a better choice for people who have lower financial limits and don’t want to exceed their limits. 

Bank Transfers

Another E-commerce payment method is Bank Transfers. When it comes to online shopping, online shoppers are hesitant while making payments and may want to avoid entering their credit/debit card details.

Bank transfers are considered safer because the transactions need to be approved by the customers, meaning they have to authenticate and verify each purchase from their online bank accounts. However, bank transfers can make the shopping experience much longer and slower.

Bitcoin

While bitcoin is a less popular payment method in e-commerce compared to other payment types, it is still used amongst certain audiences and has a lot of potential for the future. For example, bitcoin’s use of distributed ledger technology (DBT) to maintain a public record of transactions makes it arguably more secure than other payment methods. 

Bitcoin transactions are recorded on a public blockchain, a specific DLT type. The blockchain acts as a giant, secure ledger that keeps track of all Bitcoin transactions ever made

That said, bitcoin will soon be adopted generally as a means of payment and when that happens, we may see increased demand for it as a payment option for e-commerce. 

Choosing The Right Method For You 

Before choosing the right method for you out of the different E-commerce payment methods outlined above, Here are some things to consider:

• Security: How important is it for you, to keep your financial information private?
• Speed: Do you want your payment to process right away?
• Convenience: How easy is it to use the method?

Bitnob Virtual Card: The Best Fit For You

Bitnob virtual cards are digital payment cards that offer a convenient and secure way to make online purchases. It's a virtual card, so there’s no need to wait for a physical card to arrive.

One of the key advantages of using Bitnob virtual cards is the added layer of security, as they are different from your primary bank account. You can manage your funds directly through the Bitnob app, potentially reducing the risk of fraud compared to using your debit/credit card directly on every website, and can be easily deactivated or replaced if compromised. 

It has a wide international reach as you can shop online as soon as you create your card. you can top up the card with a minimum of $3 and a maximum of $1000 at a time. It’s easy to create and can be used within minutes directly from the bitnob App. 

Yet to give it a try? Download Bitnob to create your virtual card.