Modes of Payment: Which Method is the Best?

Now that the emerging modern technology brings about many payment terminals, many businesses are left wondering which mode of payment to add to their business. In this article, we have gathered several suggestions from other business owners to help you decide.

"In my opinion, the best method of payment is online payment. This is because you can get it immediately, and there is no need for carrying large amounts of money around with you all the time.

Online payments require an internet connection, but that's something that almost everyone has. You might be able to pay using cash or a debit card - both of these are good too - but they don't have the same advantages. They're less convenient, slower, and might not work everywhere.

With online payments, you can transfer money almost anywhere in the world to anyone with an internet connection. You only need the other person's email address or username. And although banks hide their fees under scary names like foreign exchange or processing, sending money this way can be much cheaper than paying with a card or cash.

Online payments also take the risk of carrying money away. Many credit cards offer excellent insurance against theft and loss, but if you're traveling in dangerous parts of the world, then it's just not worth the risk to carry large amounts of cash around."

From Lissele Pratt, Co-founder of Capitalixe.

"Both domestically and internationally, PayPal is used for payments, encourages e-commerce, encourages online buying, and makes online purchasing easier.

The funds are transferred from the payer's account to their PayPal account (typically via ACH). The payee can then utilize the funds to pay for goods and services that take PayPal directly or move them to a PayPal-linked bank account.

PayPal serves as a middleman between parties, ensuring that funds are transmitted to legitimate users. Payments usually are received within minutes, but PayPal has the right to keep the funds if there are any problems.

PayPal needs a payer to open a PayPal Business account and use PayPal Payouts for mass payments to process many transactions manually.

A transaction fee is charged to payers who transmit large amounts of money in this way (plus a percentage of the transaction for international payments). Currency conversion and withdrawal fees may be required of international payees.

PayPal is fast, secure, and easy to use. Once registered, users only have to provide payees with an email address to receive their money. This keeps bank information private, and users can choose whether they want to transfer the funds to a bank account or keep it for credit online with stores like Amazon."

From Robert Gate, Founder of Archery Topic Blog.

Credit Card: Credit Cards are a valuable financial tool in your wallet which helps in giving quick access to an amount of credit during any emergency. Credit Cards, since it's an introduction, play well in attracting people. The credit amount which a customer takes is paid through installments during a specific period.

Debit Card: Stingy customers may frequently prefer debit cards instead of debit cards because there are usually few or no correlated fees unless the customers spend additional than they have in their account and incur any overdraft allowances.

Cheque: The other generally used mode of payment is called a cheque. A cheque can be characterized as an order to a bank to pay the amount of money stated on the particular cheque from a specific person's account to the person whose name is referred to on the cheque.

Cash: Cash, this term does not need any introduction. It is the simplest and commonly used mode of payment all around the world. Cash mode of payment has been used by merchants since ancient periods

Online/Digital Payments: This modern-day is all digital. This is the best and most preferably used mode of payments these days. Easy, safe, quick, and many other features attracting all the customers of their ways to itself: The Online Payments. The central notion of Online or Digital Payments is cashless. Every transaction is made without any issue easily online.

Which method is the best and why?

Answer: The best model or method is Online/Digital Payments and Credit Cards. Since the pandemic, customers worldwide have accepted easy and 100% safe payments through online platforms, helping boost their customers and business. Credit Cards are for those who find it difficult to pay a massive amount at once. The mode of credit cards helps them to spend huge amounts and pay it back through installments.

From Steven Walker, CEO of Spylix

"The most common ways to pay for goods are cash payment upon receipt of goods, payment by bank card, payment by electronic wallet, payment through the post office, and others. In regular stores, payment in cash or by bank card is used. Before choosing a payment method, compare several popular options, and it will be easier for you to make the right decision. 

My advice: when you pay with a bank card, you can save extra money. The fact is that some banks have partners - stores, supermarkets, shopping and entertainment, and other institutions. Customers of their partner bank will surely make a good discount."

From Iryna Kidyba, Financial Manager of Foxoffers.

"My strategy was to establish a debit/credit scheme that was more user-friendly and accessible to my customers.

After I set up the Net banking option on my site, I happened to see the following results:

  • Average order value increased up to 50%
  • Cart abandonment decreased up to 28%
  • Checkout times were 30% faster for repeat customers
  • More than 75% of shoppers decide to buy now, pay later solutions—before they checkout."

From Gian Moore, Partner of Mellowpine.

"When it comes to making purchases, credit cards are a double-edged sword. They are highly secure and user-friendly. There are safeguards to protect the purchaser against fraud and, in certain instances, bad consumer service (geographic limitations apply). Furthermore, most credit cards do not charge interest on balances paid in full by the due date."

From Robert bolder, Founder of VPS SERVER.

"As someone who manages multiple companies and travels worldwide, paying using my credit card is still the best method. As I have both Visa and Master cards, I can use them almost everywhere, so it is more convenient to carry cards than cash. Online payments are gaining popularity, but there are still some glitches about using them, especially in some countries, so credit cards still triumph. The only caveat is that you always have to check your credit card bill for any suspicious activities, as identity theft and malicious transactions can happen anytime."

From Michael Peres, Owner of Michael Peres.

"Credit cards are the most convenient means of payment. Credit cards are by far the most secure and safe payment method when shopping online. Credit cards use online security features like encryption and fraud monitoring to keep your accounts and personal information safe. Most issuers also provide zero fraud liability, which means you won't be responsible for any fraudulent charges made to your credit card. However, due to provisions in the Fair Credit Billing Act, you can only be legally liable for up to $50 in fraudulent charges on a credit card, in addition to the zero fraud liability coverage offered by credit cards (FCBA)."

From Teo Vanyo, CEO of Stealth Agents.

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