When shopping online, you have a number of payment options to choose from. You can either pay by cash, card, or mobile app. However, with every purchase you make, there’s always a risk of having your important information stolen, so security should be a factor in your mode of payment, as well as convenience and ease of use.
Here are some top choices when paying online:
5 Easiest Online Payment Options
1. Cash on Delivery
One of the most common and easiest types of payment is through cash. Unlike debit and credit cards, cash payments don’t have additional fees or any interest in your purchase. Also, Cash on Delivery (COD) mode of payment is more secure especially if you buy from lesser-known online stores – you’ll have the guarantee that you’ll be able to receive the item first before paying for it.
It’s also best to choose COD as you don’t need to download any mobile apps to pay for your order. You also don’t need to use a credit card or debit card especially on systems that are not Verisign verified.
Also, when you run out of cash and you’re about to place an order online, you’ll have some time to arrange the money for payment. COD will provide you with some breather to either come up with the money or rethink your order.
2. Credit cards
Most credit card companies provide benefits like discounts, cashback, or practical credit card promos as added incentives when purchasing online. Some even offer both cashback and points that you can use for purchasing travel tickets, or points that you can also use at certain online stores. Also, in cases where the item you bought is defective, credit card banks offer the option called payment reversal, where you can ask the card issuer to reverse the payment for the product. This way, you’ll know you’re always protected. Using credit cards will also help improve your credit score that can help you secure a loan.
Lastly, one benefit of a credit card is that it teaches you to be a responsible credit cardholder. Avoid blaming debts on your credit card. It all depends on how responsible you are with using it so your bills are more manageable and don’t accumulate.
3. Debit cards
One advantage of using a debit card is that you don’t incur debt. There won’t be any charges or late fees, you just have to regularly add funds to your account if you’re using it for frequent purchases. It’ll also be easier to track your spending as debit card purchases are usually withdrawn from your account in real-time.
4. Mobile payments
Mobile payments are generally quicker and more convenient than cash or check. Since they’re always within reach, it may lead customers to make larger purchases. It also allows foreign travelers to easily make purchases – no need to carry cards anywhere, looking for exact change or remember card details.
It’s also more secure. Mobile payments reduce the need to carry around cash or credit cards. They offer an extra layer of security through biometrics, 2FA, or fingerprint scanning. Some digital wallets also have facial recognition to ensure that the payments are done by the account holder, therefore reducing fraud.
Your transactions are also tokenized – meaning your sensitive information is replaced with tokens that cannot be hacked by fraudsters. This process helps protect and increase security for businesses and consumers.
5. Electronic bank transfers
Electronic bank payments not only allow you to pay online, but you can also receive and transfer cash, usually with no charge. It also allows you to access your account history and transactions anytime, anywhere. You’ll be able to see if there are any unauthorized transactions that you can dispute immediately.
You can also view your pending transactions, or in case any transaction did not push through. By simply logging into your account, you can pay your bills right away and even set up automated bill payments. Your banking fees are also typically lower, as online bank transfers may not have to pay for the upkeep of the bank branch.
You also don’t have to worry about security issues. It’s password-protected, encrypted, and secured by identity confirmations. Encryption technology helps in preventing unauthorized access to your personal data so you’ll have peace of mind in placing your transactions.
Due to better internet connectivity and more affordable smartphones and other gadgets, online shopping has become more accessible. Ensure that all your online transactions are secure with your preferred mode of payment, as well as convenient and reliable.