If you decide to enter the e-commerce market, then you should understand what payment systems exist, how to choose the right one, and what to look for when connecting. Here is more about it.
Traditional payment systems
The degree of digitalization makes it possible to assess the willingness of key market participants to compete with banks and technology services, experiment with other channels and tools, and meet the growing influence of regulatory bodies.
The most preferred payment method is the use of debit and credit cards related to the international payment systems VISA and Master Card. Besides, this situation applies not only to Europe but also to other large economically developed regions of the world: for example, the USA or Australia, in almost 100% of cases, pay on the Internet with the cards of these payment systems.
The presence of a mobile application today is implied even at the basic level of digital business transformation. Clients of money transfer systems, as a rule, send transfers to the family monthly, which means that we are talking about systematic repeated transactions.
The TOP of money transfer apps
It is the world’s most popular e-currency operator. It develops very quickly, works with 26 types of currencies, has a good security system. The disadvantage of this system for users is that money can only be withdrawn to accounts opened with US banks. In the future, PayPal plans to pay users interest for keeping funds in its accounts.
It is an easy-to-use international payment system. The money will be deposited into the bank account of your choice, and the company also deserves attention for its transfer methods. Standard transfers usually arrive within one banking day, depending on the country of transfer and receipt of money. For an additional fee, you can make an immediate transfer (within 30 minutes) or transfer money free of charge within 3 working days. You can invite a friend and get with him 10 pounds in equivalent after the number of his transfers reaches 50 pounds.
Another alternative is Venmo international. It is a payment service preferred by millions of people around the world to transfer funds. It is similar to PayPal but the peculiarity is the fact that it enables users to purchases and makes payments through a social channel.
The TransferWise system relies on the average exchange rate and presents it as the fairest. In general, it is almost no different from the course of competing systems. But the commission for instant transfer (in TransferWise only such is possible) is rather appreciable. Exactly what percentage of the amount the system charges for services are not specified on the site. This payment system is good because it allows you to receive payments to your account, and then withdraw them without commission! You can receive payments to your account in any currency.
- Western Union
It is an international money transfer system that provides services through a network of more than 550,000 service points in more than 200 countries. A distinctive feature of all transfers under the Western Union system is a high level of security, which guarantees the payment of the transfer exclusively by the sender of the person.
The international banking system SWIFT is a proven method of money transfer that works in almost all countries. Suitable for transfers primarily large amounts – from $ 1000. Banks that conduct them charge from 0.2% to 1.5% commission. But everyone has a minimum amount that will have to pay for services in any case.