Choosing an online payment method can oftentimes be a gargantuan task with the number of factors you need to consider. That goes without mentioning the number of potential choices that are out there now —most people have hundreds of potential options to choose from. Fortunately, while there are a myriad of factors, there are only a handful that truly make a difference.
In this article, we will take a look at some key details you need to consider when choosing an online payment method to ensure you pick the right option for you. Let’s get right into it.
Safety
The first and most important detail you need to consider when choosing an online payment method is safety. Safety is non-negotiable. While there may be some traits you can get away with not having, the risks of going with a payment method that is not safe are far too dire. This is especially the case if the payment method in question has a bad reputation or even has malicious intent.
Most of the top payment methods offer some level of protection, so as long as you aren’t looking into some obscure payment method that no one has heard of, you should be good.
However, even then, you should still choose an online payment method that does more than the bare minimum. Look for payment methods with advanced encryption, high-tech firewalls, authentication methods, and a plethora of fail-safes in case anything goes wrong.
Debit and credit cards are good benchmarks. While they lack in other areas, debit and credit cards offer a good level of security, and when there are any issues, your money will likely be restored. Some online payment methods are much more secure than this, but it’s a good place to start.
Cryptocurrency is a prime example of a payment method that is more secure than debit and credit cards. Crypto transactions are practically impervious to attacks due to the fact that they run on the blockchain (a network of computers that communicate with each other to verify transactions), so if security is a priority, you might want to consider crypto. Digital wallets are also incredibly secure too, but the protection levels vary from wallet to wallet.
Make sure you do your research on any online pay stub template you are considering, and if they have a bad reputation or do not have a variety of security protocols in place, don’t waste your time.
Acceptance
Another factor you need to consider when making online payments is acceptance. You could have the most secure, fastest, and most practical payment method in the world, but if no one accepts it, it’s useless.
This is why it is generally recommended to go with the most popular payment methods as there is a better chance they will be accepted at any business, but it’s perfectly fine to use a few lesser-known payment methods alongside those.
The most widely accepted online payment methods are debit and credit cards, digital wallets like PayPal and Stripe, and direct bank transfers. Cryptocurrency is also worth a mention. While it’s not accepted at all online businesses, it is widespread in certain industries and is becoming much more popular with mainstream retailers too.
One example of an industry in which crypto is incredibly popular is the iGaming industry. Credit and debit cards, PayPal, Skrill, and Apple Pay, as well as many different deposit methods are accepted at online casinos (you can explore further here if you are interested: www.askgamblers.com/sports-betting/deposit-methods), but some establishments actually offer rewards to those who choose to use crypto because of its many benefits (more on this later). So, depending on what communities you circulate, you may be able to get by using crypto alone.
Regardless, choosing payment methods that are accepted by most online businesses is going to make your life much easier—you won’t have to constantly swap between payment methods when shopping online.
Speed
Next, we have speed. To some, speed will barely even be a factor. To others, it will make or break a payment method. It all depends on how often you make transactions online, as well as the type of transactions you make.
For example, gaming geeks who want to do a microtransaction to buy something in-game are going to want quick transactions so they can get right back into the action. If they commonly purchase small items in games, a slow payment method could significantly dampen their experience.
On the other hand, if you just shop on Amazon from time to time and are a little slower with computers, transaction speed will make next to no difference.
Either way, it’s always better to have a faster payment method than a slower one. This is why most online payment methods do everything in their power to make transactions as quick as possible. But some are better than others.
In particular, payment methods that have to go through a third party (like credit and debit cards) are usually slower than those that don’t. This means that those of you who prioritize speed would be much better off going with PayPal or crypto.
However, in most cases, you will have to sacrifice some safety for speed. That is because fast payment methods usually won’t require any authentication to make things as fast as possible. There are exceptions to this (most notably with crypto), but it’s something to keep in mind.
Bonus Features
Once you have taken care of safety, acceptance, and speed, it’s time to think about bonus features. These are the extra features or perks that a payment method may offer to sweeten the pie. To give an example of this, let’s take a look at crypto.
There are many unique benefits of crypto compared to other payment methods—it works completely differently. For one, crypto transactions can be made almost completely anonymous, which is preferable for those who favor privacy. Its use is also rewarded in some markets (particularly in the iGaming industry) because of the benefits it brings to the business (streamlines transactions and logistics).
Another example of this is with some digital wallets. Some digital wallets give points every time you make a transaction with said wallet, allowing you to redeem them for prizes or credit at certain stores.
Bonus features shouldn’t be the be-all and end-all, but they are certainly worth consideration. They can make making transactions much more rewarding and add a little spice to the experience. Just make sure you don’t only focus on the bonus features—this could end up with you choosing a poor payment method.
If you look out for the four details we have mentioned in this article, you will be able to pick out an excellent online payment method in no time. It can seem overwhelming with the number of different things you need to look out for, as well as how many options are out there, but if you simplify things and focus on what truly matters, the task will become much easier.
By only considering online payment methods that are safe, have high acceptance, are fast, and are suited to your tastes, you will cut out ninety percent of your options. What’s left will be a handful of choices where no matter which one you pick, you will be good. So, stay safe, take your time, and don’t settle for any less than you deserve. See you next time.
