What forms of payment are accepted in online shopping?

05 Apr 2022 By PAYCEC

Payment options come in a variety of shapes and sizes, and they change from one firm to the next one. Merchants must determine which payment method will best suit the nature of their business while also appealing to their customers. It can be regarded as a crucial stage in reaching profitability and success.

1. Credit / Debit card payments

Card payments are one of the most extensively utilized and preferred means of payment, not only in India but also around the world. By providing payment acceptance via cards as a worldwide payment option, merchants may reach out to an international market.

Credit cards are convenient and safe. The customer only needs to input the card number, expiration date, and CVV (a preventive step). The CVV number is used to detect fraud by comparing client information to the CVV number.

Debit card payments (not direct debit bank transfers) are one of the quickest and safest ways to spend money without carrying huge amounts of cash, whether you're paying for groceries or a new pair of sneakers. The three most common debit card service providers are Visa, Mastercard, and Maestro.

Customers that shop online within their financial constraints choose debit cards. The fundamental difference between a credit and a debit card is that with a debit card, you can only pay with money that is already in your bank account, whereas with a credit card, you are billed for the amount you spend, and you pay at the end of the billing month.

2. Prepaid SEPA transfer acceptance.

PayCEC offers SEPA Transfers Acceptance, which will harmonize the payment acquiring process for B2B business from around the world, particularly startups and SMEs by offering seamless and secure digital banking transactions.

If you are a global business, you rely heavily on frictionless B2B payment processing within the SEPA zone, including 27 Member States of the European Union (EU), 3 countries of the European Economic Area (EEA) and 6 non-EEA countries, to which the geographical scope has been extended.

3. Crypto payment gateway

Since the “Bitcoin boom” in December 2017, cryptocurrencies have been making noise across the world. Now, crypto payments are already accepted in PayCEC’s B2B payment gateway.

PayCEC’s crypto payment gateway is a licensed Money Services Business (MSB) that allows businesses dealing in Virtual currencies, Foreign exchange dealing, and Money transferring.

4. E-wallet

Credit cards are processed by an e-wallet which you can use with a Visa/Mastercard/Amex or Paypal account. PayPal is designed to be safe for both buyers and sellers. All information that is communicated between your device and PayPal's servers is secured and encrypted.