Online payment methods are the backbone of any online commerce system. As a result, businesses have to make sure that they choose the right payment methods so they do not lose the customer at check out. This article is set to explore four of the top online payment systems around the world:
All of the companies are leaders in online payment systems, and each have their own obvious strengths and weaknesses
Paypal is one of the most recognizable names when it comes to online payment systems. According to the website Statistic Brain, 18.8 percent of online transactions are done through Paypal. This is a pretty big market share, especially considering how many companies offer online payment solutions. Statistic Brain also says that there are over one million Paypal accounts, and the company has $1 billion in transactions every day by mobile phone users. These are staggering numbers, and show just how much power the company has in the market.
02. Mobile IP
Mobile IP, or MoIP is an up-and-coming online payment method that is making waves in the online payment industry. What separates Mobile IP from many of the other online payment systems is that it allow for a wider range of payment methods through its service. Flexibility is a great way to gain customers. Implementing a payment solution such as Mobile IP and allowing customers to have flexibility in their payments could easily mean extra customers coming to a business’s site.
03. Google Checkout
Google has an interest in every type of technology it can get its hands on. This means online payment services as well, which only makes sense for the tech giant. One of the advantages of Google Checkout is that it integrates well with AdWords and the rest of a company’s Google profile. This has many advantages in terms of having as many services centralized as possible. According to the website Tech Help Fox, Google also offers a 100 percent refund on fraud, whereas companies like Paypal only offer refunds over $50.
04. Amazon Payments
If any company knows online payment systems, it is Amazon. The online retail giant launched its Amazon payments checkout system in 2007. The aim of this product was to provide consumers with the same checkout experience they have on the wildly popular consumer website Amazon.com. Amazon checkout has gained a fair amount of traction in Europe, with several top German retailers adopting the Amazon checkout as their payment service.
Which is Right for You?
There are a number of great options available for online payment systems. Each payment system is set up a little differently, and has different fees and processing times. One thing to keep in mind- when picking an online payment system, businesses have to make sure they know how much money they plan to make. Otherwise, they could end up paying unnecessary fees.