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Types of Alternative Payment Methods

Posted by on May 5, 2019 in Stuff with 0 Comments

 

Alternative payments are simply payment techniques used as alternatives to credit card remittances. The good thing about alternative payment methods is that they provide users with more payment options. Some of the major types of alternative payment methods include:

  • Pre-paid cards
  • Debit cards payments
  • Bank transfers payments
  • Mobile payments
  • Checks payments
  • Cash payments, and
  • Money order payments

Alternative payment methods have greatly transformed the way business transactions are processed globally. Offering customers multiple payment options isn't a chance that any merchant should miss. Most merchants use powercash21 alternative payment methods as the platform offers access to several types of alternative payments for their e-commerce platforms. Powercash21 offers merchants the ability to accept payments through bank transfers, prepaid vouchers, e-wallets, and direct debits.

Here's a broader list of alternative payment options.

Google Wallet

Google Wallet is an e-wallet or a digital, meaning a customer’s payment information is stored electronically rather than in the traditional wallet. With Google Wallet, merchants can integrate a loyalty program through the Wallet’s Objects API.

Bitcoin

Bitcoin, a cryptocurrency with high cryptographic security, allows for efficient and inexpensive payments. The coin is a virtual currency, and therefore offers increased privacy for its users. Being decentralized, it's entirely self-regulated and not controlled by the government like other fiat currencies. Another advantage of cryptocurrencies is that, unlike PayPal or credit card processing rates, it charges incredibly low fees.

Dwolla

This is a payment network that allows merchants to accept cash without depending on credit cards. The platform links with bank accounts, allowing users to make transactions at a lower rate compared to credit cards or other alternative payment methods.

CurrentC

This is a QR code-based payment method that allows users to pay using either store cards, gift cards, or their bank accounts. With the CurrentC website, users can also use their loyalty cards to redeem coupons and discounts.

PayPal

PayPal is a widely famous platform. Most customers prefer using PayPal, making it the best alternative payment method for any e-commerce platform. PayPal allows users to link credit cards, debit cards, or bank accounts to be able to make their payment transactions. Merchants use PayPal to accept payments on their e-commerce websites, via smartphones or tablets.

LevelUp

LevelUp is also a QR code-based alternative mobile payment technique that works for both iOS and Androids. The platform also supports loyalty support programs. For merchants to be able to accept payments using LevelUp, they need to have a compatible Point of Service (POS) network, as well as LevelUp's proprietary scanner.

V.me

This is a visa solution to accept remittances without the need of a credit card. Merchants only need to install the ‘’Check out with V.me” button onto their e-commerce website. Customers can then check out with only a username and a password, and confirm their payment details even without logging out of the website.

Apple Pay

Apple Pay is an alternative mobile payment option that's compatible with most iPhone devices. The app supports debit cards and credit cards from major banks in the United States. It also offers top-notch security measures.

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