Grow Your Business With Alternative Online Payments Method
To stay in the competitive market, every business now and then are looking for an alternative to compete better in the online marketplace. An alternative could be for anything like the product they are offering, alternative to marketing strategies, an alternative to web platform service or can be for anything. Like these, every merchant is looking for Alternative Online Payment Methods. To serve your customer better, you should have various payment acceptance methods like credit/debit card, echeck, ACH, online wallets and many more.
Are you also looking for alternative modes of payment acceptance? Fantastic! It’s a good idea to stay in an online war. But again a question comes that who will provide you with an alternative payment method you are looking for?
Don’t worry! We at Quadrapay has a solution for you. We provide various payment solutions to businesses according to their business requirement. Stay tuned with us to know various payments methods.
What Do You Understand By Alternative Payments Options and What are Some Well Known Alternatives?
In simple words, an alternative payment method is something we use other than credit card or cash to pay. If we talk about the physical alternative of cash, there might be very less options like a physical check or Barter System used in ancient times. But in the online e-commerce world, with the emergence of various financial technology giants, we have now multiple ways to pay online. Every alternative has a different processing fee and settlement time. Let’s discuss a few of the alternative Online payment Methods:-
- Debit cards: The very first alternative of credit card is a debit card. It is a plastic card with another known name as a check card or bank card. It can be used for both online as well as works well in Point-of-Sale for retail Transaction. The difference between the credit card and debit card is that in a debit card transaction, the money gets withdrawn immediately from the cardholder account. Unlike a credit card, there should be a pre-amount present to make the transaction successful.
- eCheck: eCheck is also known as an electronic check, which is also a good alternative to credit card transactions online. eCheck is an electronic form of a physical paper check. The digital or electronic check is passed through the ACH network to get processed. Echeck is now accepted in most of the nations and is a secure means of payments methods. The settlement time is instantly or in some cases within 24 hrs. The eCheck alternative is an excellent choice for businesses as its processing fees is very lower as compared to that of a credit card.
- ACH: Automated Clearing House abbreviated as ACH is a batch processing of electronic payments. The transactions get processed in batches through Automated Clearing House Network. The payment method is very popular in the USA, which binds all the financial institutions offering ACH service in an ACH network. ACH can be used to accept payments from the customers, pay your employees etc. The cost of ACH for businesses depends on the processor, and obviously, it costs on a per-transaction basis like most of the payment methods.
- Digital/Mobile Wallet: Digital wallets and mobile wallets are somewhat the same. But to differentiate it, a digital wallet is a software that helps you to do transactions electronically, and it resides on your laptop, phone, tablet or cloud. But mobile wallets can only be limited to your mobile phones. They work similarly by storing your credit/debit cards details on the wallet, which helps in an electronic transaction. With a digital/mobile wallet, one can pay at retail shops, online stores and even peer-to-peer transactions.
- Prepaid card: Prepaid cards are the same as credit cards, but the difference is that the amount should be pre-loaded in the card to do online shopping. The money gets debited immediately after the transaction, unlike that of a credit card. The prepaid card can be a good alternative for those who didn’t have any credit history or has a poor credit history. The downside of the card is that it comes with multiple charges like monthly fees, per-transaction fees, ATM withdrawals fees and even charges every time you reload your prepaid card.
- Direct Debit: Direct debit is the pre-authorization which a customer is giving to a financial authority to debit a pre-confirmed amount automatically on every due date. For example, a policyholder provides authorization to the Insurance Agency to withdraw premium every month automatically on the due date. For direct debits, the customer account should have sufficient balance on the due date; otherwise, he is liable for a penalty.
- Bank Transfer: Bank transfer is also known as wire transfer or credit transfer electronically. The transfer of money is originated from a bank account to the recipient bank account.
Benefits Of Alternative Payments Solution
By offering a diversified payment solution to your customer not only makes your customer happy but also expands your business reach. Let’s discuss some of the benefits of Alternative Payment Solution.
- Makes your customer happy with multiple payment methods.
- With multiple options, you have the opportunity to sell more.
- Some alternatives have a very lower rate of the transaction.
- Merchants can accept payments from various nations.
Quadrapay Offers Merchants With Various Payment Solution – Apply Today!
As we have seen, it is a best practice to use alternative payment methods. This will help your business to reach a new height. To get a credit card processing solution or any other payments method, contact us! Fill the pre-approval form onto our site with your business details or online site, and we will get back to you in as less than as 24 hrs.
If you have any query related to which payment method you should opt, get in touch with us at [email protected].
Happy Processing !!!