Hello Magento Folks,
There are a few things that pop in the mind of most individuals when they think of the word eCommerce. Usually, it is a battleground between PayPal and bitcoin but, what they don’t understand is that there are a lot of different options out there, each having their advantages and disadvantages. There are a variety of payment options, each of which is designed to ease user satisfaction and accommodate his buying experience. The world is going through a massive technological transformation, and you need to adapt yourself accordingly if you want to benefit from it. So, in this article, I am going to highlight essential pros and cons of all the popular eCommerce payment options so that you can determine which one suits you the best.
Credit Cards
The most widely used and the most popular way to handle online purchases is none other than with the help of credit cards. As of a recent survey, there are about 189 million American adults who own at least one credit card, and at one point in the United States, there were at least 1.5 billion active credit card users. As they are so widely accepted, these are the most preferred payment option for many as you can use them to make impulse purchases or use your PayPal account in place of it. If you are running a business and you are not giving the user the benefit of paying with his credit card, you are losing more money than you know. If you want to streamline your business and need a solution to this problem, you can get more information here. However, we all know that there are a lot of scammers and hackers out there, and if you are not careful when making transactions, you are going to regret going with credit cards later on.
Google Wallet
Another popular method of online payment in most countries is using google wallet. With a lot of Google+ users, Google introduced its wallet system. All you need to do is sign up using your account, enter payment information, and you are never going to need to pull out your credit card ever again. As Google has made a name for itself as one of the most trusted companies out there, users don’t find it much difficult to share their information and don’t have a lot of security concerns. But just like every other payment system, it is prone to identity theft, and you have to be careful when giving your information.
Amazon Payments
When it comes to online purchases, Amazon is a giant. With the biggest working online marketplace, it is no surprise that Amazon soon started its payment system to assist these purchases and selling. As the fees for using this third party payment system is relatively low, users don’t have much trouble when it comes to paying. But, the downside of being a huge marketplace is that you create a name for yourself in a particular place. Most people don’t even know that Amazon has its payment system, and it diminishes the product name by introducing a payment system that contains the same name as your marketplace.
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