First published: July 22, 2022 @ 6:00 pm
For years, digital payment has been increasing at a steady pace. The growth of digital payments has been an inevitable trend because of the convenience of transactions, low cost, and quick transactions.
Online shopping is also one of the key drivers of this growth, as it has become very convenient to make purchases online.
We have seen the success of online shopping with many big companies like Amazon, Paytm, Flipkart, etc. all accepting digital payments as their primary mode of payment in recent times.
This article aims to evaluate the seven most trusted and secure online payment methods so that consumers can choose the best service for them.
1.Apple Pay
Apple Pay is an app that lets you make payments using your phone. You can use Apple Pay on Apple phones.
The major advantage of Apple Pay is that it is secure as they do the payment by using a special hardware chip. It encrypts all the data so that only authorized users can view the data.
Also, it has been proved that even if there is a compromise at any point of security, then no information will be stolen as every transaction will be encrypted.
The major disadvantage of Apple Pay is that it only works with a few stores, which include Wal-Mart, Target, Whole Foods Market, and Costco in the US.
This limitation may decrease soon as more merchants start to accept this payment method for online purchases.
2.Authorize.Net
Authorize.Net is a payment processing service provider. It allows merchants to accept credit cards, debit cards, ACH, and e-checks.
This service provider also allows you to process credit card payments online. It has a wide range of features, like secure SSL connections, multi-signature transactions, recurring billing, and secure account settings.
The major advantage of Authorize.Net is that it is easy to use as you don’t need any extra software for the same and it is very cheap as compared to other payment processing services.
RELATED: How Does a Perfect Online Marketplace Look Like
3.Due
Due is a US-based company that allows users to invest and receive money online. We know the company for its innovative technology and privacy policy. Chalmers Brown and John Rampton found Due in 2021.
Due’s latest technology makes it easy for users to accept retirement money via various methods, including credit cards, mobile payments, Apple Pay and Google Pay.
4.Dwolla
Dwolla is a payment platform that allows users to send money online, through the web, or mobile apps.
Using Dwolla is simple, and the app makes it easy to access the money you have deposited. All transactions are verified through two-factor authentication, and each account has a limit of $5,000 for personal and $10,000.
For e-commerce, Dwolla is a brilliant choice for receiving payments. However, it’s not a good choice for retail or wholesale payments.
Besides the basic deposit and withdrawal services, Dwolla offers merchant accounts and business-to-business payment services.
5.PayPal
PayPal is a leading online payment method and an authorized payment processor for over390 million users worldwide.
It has provided secure and trusted services to many individuals, small businesses, as well as large companies.
PayPal is one of the most popular methods of payment among millions of users in the world. There are many reasons PayPal is such a popular choice among consumers and merchants.
- PayPal accepts payments in multiple currencies around the world;
- The money transfer takes place almost instantly;
- There are no hidden fees for international transactions;
- You can easily create and manage your online account;
In addition, you have the option to dispute a transaction if you feel it was made fraudulently. So there is no need to worry about getting ripped off.
6.Stripe
Stripe is a company that has been helping people to process payments since 2010. It is based in San Francisco, California. Stripe is an American company, but the development team is mostly in Ireland.
Stripe provides payment processing services for e-commerce businesses and mobile apps.
Stripe supports payment processing forover 135 currencies and 47 countries. We can make payments via credit cards, bank transfers, ACH, and PayPal.
7.Square
Square is a contactless payments system that enables you to accept credit cards and debit cards through the Square Reader device. You can also process direct deposits, recurring payments, and payrolls.
You can getthe reader at Square’s website or you can buy it at Amazon, Best Buy, Walmart, and Staples. The reader is free, but it comes with a 2.6% + $0.10 transaction fee for each card swipe).
Square can also help you build a more profitable business by generating recurring revenue. If you have customers who are willing to pay regularly, Square will generate the revenue for you with no work on your part.
Square also has a built-in payment processor that can process any credit card transaction (except American Express).
This means that you can start accepting credit cards right away without needing to do any additional setup.
Square is one of the most trusted options for online payments. This is because they’ve been around since 2009. You can feel safe using Square as your payment processor, especially since they offer strong customer support.
Choose the Best Only Payment Method for Your Business
These are the seven most trusted and secure online payment methods that are available in the market. These methods are secure to use as all the transactions will be encrypted.
We hope this article will help you choose the best online payment method for your business or your personal use. Our website, WorkDeputy, provides tips and guides on all the aspects of eCommerce. Visit us now!
