The main online payment options

The last few years have been quite busy for payment methods, considering that until very recently cash was the leading payment method. However, nowadays there are many different payment options. It has been shown that these variety has a lot of benefits associated for both the customer and the business.

The purpose of payment options

A good payment method should meet the needs and expectations of the user. Therefore, if you know the customer and their preferences well, you will be able to enable them in your business without any problem.
If a customer abandons the page at checkout, it is very likely that they have not found an accessible payment method. So focus on improving the shopping experience and expanding the options you have available. For example, nowadays, payments with cryptocurrencies are more demanded amongst users.

What is the best method of payment?

The reality is that there is no one payment method that is better than another, as each user is different and has different preferences. A good example is millennials, who accept any type of payment method regardless of their preference.
On the other hand, if the audience is over 50 years old, it will be more difficult for them to adapt to all methods. This sector continues to prefer the convenience of bank transfers, cards or cash payments.
A good idea is to evaluate the alternatives and find out which is the best online payment method for your audience. To do this you only have to follow three requirements:

-    It must be adaptable. The customer can pay wherever they are and without any kind of obstacle.
-    Security. Offer them an authentication system that makes the payment process easier and simplifies it.
-    Offer confidence and convenience. Eliminate all unnecessary steps and improve the payment experience.

Credit or debit cards

It is the most traditional form of payment worldwide, after cash. This is because of the confidence it brings during a simple payment process with a virtual POS or by entering your card number in an online shop.
Although mobile payment is growing right now, cards will always be one of the most preferred payment options.

Amongst its advantages are:
-    Immediate payment
-    High acceptance as a payment method
-    Your process is more secure
-    Trusted by customers and backed by financiers

Disadvantages include:
-    Adapting it can be difficult depending on the environment. Many cards have a limit.
-    Fees may vary depending on the transaction.

PayPal

This platform has a payment method that is considered by its users to be the safest of all. PayPal specializes in the management of electronic payments, especially payments between individuals.

It has been able to adapt to any situation and is one of the forerunners of the new means of payment, which has made it a very recognisable brand.

In addition, more and more gambling sectors are betting on this payment method in different places. For example, the gambling house Spin Casino is an online casino that was born in 2019 and is legally registered. Thus, users should have no reason for insecurity. The casino offers a wide range of games with more
than 600, amongst which you can find slots, roulette and table games. In addition, there is a live gaming section where the experience will be like being in a casino. On the other side of the screen there will be a croupier with whom you can communicate. Now, when it comes to payment methods there are different options, but it should be noted that PayPal is amongst them, which is not the case in all casinos.

The only thing you need to do to start using this payment method is to create an account on their platform and link a card and an email address. The user does not have to leave their personal details in the shop, so the process guarantees total data security.

Some of its advantages are:
-    A fairly widespread form of payment. The brand has been gaining value thanks to the trust of its users.
-    Support from traditional financial institutions.
-    Integration in online shops is usually fast.
-    Privacy for the customer. They do not have to register their bank details when making a purchase.

Some of the disadvantages are:
-    Transaction fees.
-    The customer does not pay directly on the website.
-    The money received goes directly to your PayPal account. Then you must transfer it to your bank account.

Bank transfer

This simple payment method is supported by financial institutions because it is entirely dependent on them.

Probably the biggest obstacle may be that the customer needs to have a bank account. On the contrary, the biggest advantage is the ease with which they can be implemented in any start-up business.

Other advantages are:
-    The confidence it inspires in users by having the support of banking institutions.
-    The security it provides by following the data protection standard.
-    There is no commission for the seller.

The disadvantages are:
-    Payment takes about 24 hours to clear, which can be frustrating at the time of purchase.
-    Product shipments are delayed, as they take into account the date on which the payment is received.
-    The transfer verification process.
-    Depending on the area, bank processing can be an obstacle.