Are you new to Online payment and looking for the Best online payment service so you can pay your Bill payments?
In this article, we've explained a complete guide on online payment for Beginners.
As you know, everything is just a few clicks away, and online payment becomes a necessity for everyone.
People are mostly making transactions online, whether it is shopping, paying bills, or transferring money to their loved ones, & friends.
Also, online transactions are increasing day by day and it is a must for everyone to understand at least the basics of how online payment works & all that.
We will try to cover most of the things related to online transactions. We'll also see a few tips to avoid Online fraud and scams.
Types of Online Payments - Choose yours wisely!
There are different types of Online Payments like Credit/Debit cards, Gift cards, Digital Wallets, Mobile wallets, Cryptocurrency, etc.
We'll see each of them one by one in detail.
1. Bank Transfers
Most of you guys are aware of Direct Bank transfers. It allows us to transfer funds to others between two Bank accounts.
It is one of the most secure and reliable payment methods. But, it usually takes time and that is its major drawback.
Also, you need to carry all of your and the receiver's Bank details to do transcription.
2. Credit & Debit Cards
Credit cards give you money that is not in your Bank account. But, you need to return it to them within a certain time frame otherwise, Bank applies some percent of Interest on it.
Debit cards work similarly to credit cards, but the funds are directly withdrawn from the user's current bank account balance.
The main plus point of credit and Debit cards are almost every Online platform or Offline Store accepts them.
3. Gift cards
Gift cards are also considered as a Payment method and some platforms accept it as a Payment method. We personally use it to pay Bill payments.
Mostly they accept Amazon Gift cards, eBay Gift cards, Visa, Mastercard, or any prepaid Debit Gift card.
Don't forget to check out our Gift card category for more details & gift card-related Guides.
4. E-wallets/Digital Wallets/Mobile wallets
An E-wallet AKA Digital Wallet is a Virtual Wallet that holds some money just like a Normal Bank account.
Digital Wallets are a comparatively new payment method that has recently gained popularity.
It allows users to store their payment info securely and make payments easily.
There are some popular Digital wallets that you can prefer like PayPal, Venmo, Apple Wallet, Samsung Wallet, Google Wallet, etc.
Mobile wallets are a little different than Digital wallets.
The basic difference is that Mobile wallets are used only to store and pay money on Smartphones.
While Digital wallets can be used on Web browsers or on Smartphones through Mobile apps.
Apple Pay, Google Pay, Chime, and Cash app are considered pure Mobile Wallets.
5. Cryptocurrency
Crypto is fast, and secure way to send currency without the intermediation of banks.
Transactions are recorded on a decentralized ledger like a blockchain network, and that offers greater privacy and anonymity.
It is also a tool for creating and exchanging value in innovative ways. It has the potential to replace actual currency like Dollar, Pound, Rupee, Yen, etc.
El Salvador has officially adopted Bitcoin as their legal currency. So, we can also use it to do our Online payments.
Why Online Payment is a Better than Cash?
Why do you choose online payment instead of cash payment? Because of its benefits.
Benefits of Online Payment
Online payment offers several benefits to consumers which are as follows
1. Convenience & Speed
The primary benefit of online payment is convenience. We can make our Online payments anywhere easily and that too in the blinking of an eye.
You can view their transaction history and monitor their spending with ease.
Online payment is faster than Offline Payment methods like cash or checks.
With online payment, funds are transferred instantly, and consumers can receive their payments within seconds.
Sellers don't need to wait in a queue to get the money. It directly gets deposited into their Bank accounts.
2. Security
Online payment methods are 99% secure and safe from attackers.
Nowadays, almost every brand uses advanced encryption techniques like 256-bit AES encryption in their Online Payment method systems.
So, it adds an edge of protection for users' personal and financial information.
Also, they accept Industry leading and most secured payment gateways like Visa, Amex, and Mastercard for Card payments.
Why is Online payment important?
Online payment is so important. Because, it offers a Safe, fast, and convenient way of payment for goods and services. Right? Not exactly.
Online Payment has so much to offer that Speed, Security, and convenience. So, let's get deep dive to look at why online payment is so important.
Apart from Speed, Security, and convenience, following are a few points to consider regarding the importance of Online Payment in our day-to-day life.
Cost-Effective
Online payment is also more cost-effective than Cash and checks.
With online payment, there are no physical transactions involved. That means that there are no costs associated with printing and transportation of checks or cash.
This practice usually helps to save a significant amount of money for businesses over time.
Global Access
Online payment also offers global access, which means that businesses can accept payments from customers all over the world.
This is important for those who are operating Online payments from different countries. So, it allows them to accept payments in different currencies.
Increased Sales
Online payment can also lead to increased sales. With online payment, businesses make Payment collection much faster and easy for Customers.
Such things help in gaining customer satisfaction and loyalty, leading to increased sales and revenue.
Improved Cash Flow
Online payment also improves cash flow in the Market ad reduces the risk of late payments or missed payments
Businesses can receive their payments instantly, which means that they can access their funds more quickly.
Lower Risk of Fraud
Online payment is also much safer than Cash payments when it comes to fraud prevention.
Online payment comes incorporated with security and prevention measures to protect against fraudulent transactions.
These measures include fraud monitoring tools, real-time transaction monitoring, and secure payment gateways that encrypt sensitive information.
This significantly lowers the risk of fraudulent transactions, which can save businesses and customers from financial losses.
Reduced Paperwork
Online payment also helps to reduce paperwork and make the environment better.
Since we are making all of our transactions online, we don't need to maintain any paper-based bill records at our end.
So, no need to print paper bills which will save a significant amount of paper and reduce the environmental impact of business operations.
All transactions get saved in a centralized database which can be accessed easily.
All the above aspects help to reduce administrative task time and cost. It enables them to be productive in other things.
Tips to Avoid Online Payment Hacker Attacks!
We know the different types of online payment Hacker attacks. Following are a few tips that you can apply to avoid attacks.
Use Secure Websites
Make sure that website you are using to make online payments is secure and that will protect your Sensitive info like Credit/Debit card info, Banking details During transactions from attackers.
That is the mandatory thing you need to check before making any online transaction.
Look for the Padlock icon in the address bar, which means the website is using SSL encryption.
When making online payments, always use secure websites that use HTTPS protocol.
The HTTPS protocol encrypts all your data and makes it difficult for Hackers to steal your Sensitive info like Payment details.
Keep Your Software Updated
Update your Computer/Laptop, Smartphones, and payment apps from time to time which may contain required Bug fixes, Security patches, New security features, etc.
Security patches contain vulnerability fixes that keep payment transactions safe from exploitation.
Use Strong Passwords
Always use strong passwords for your online payment accounts.
Use strong passwords combination that is difficult to guess. You can try to create Complex combinations of Numbers and Special Characters.
Avoid using passwords that you've used previously for another account.
Be Cautious When Using Public Wi-Fi
Avoid making online payments when using public Wi-Fi networks.
Public wifis are mostly not completely secured, and Hackers can easily take advantage of that.
Monitor Your Accounts
Regularly monitor your online payment accounts for any suspicious activity.
Report any unauthorized transactions to your bank or payment provider immediately.
Our last words...
Every Great thing has its side effects. Online Payment has its Drawbacks too. So, pay wisely!
Don't let your fear hold you back from embracing your happy moments.
Take the necessary safety measures and enjoy your paying your bills, shopping online, and transferring money with just a few clicks.
C'yeah! Don't forget to explore our other blog posts!
