PayPal is the most used online wallet in the world, with over 184 million active users. It can be used as a payment method in more than 200 countries.
Customers connect their credit card or bank account to their PayPal account or add credit to their account. When using PayPal to pay for a purchase, the customer logs in and authorizes the payment using their email address and password.
No further personal and financial details need to be shared with the website, which makes PayPal very safe. Payments can also be settled through a smartphone or tablet, which allows customers to pay anywhere with ease.
Credit cards (Visa, MasterCard, Maestro, Amex & more)
Credit cards are the most widely used online payment method in the world. Customers receive a line of credit and pay back the amount they spent in one go, generally at the end of the month.
Many of the world’s leading credit card brands give customers a sense of security and most of them offer extensive buyer’s protection and insurance, resulting in more conversions for merchants. Accepting payments through credit cards allows your business to sell to customers all over the world.
Amazon Pay is an online payment solution that allows you to make purchases using your Amazon account information on e-commerce sites.
Amazon Pay is a service that lets you use the payment methods already associated with your Amazon account to make payments for goods or services.
It supports global currencies and you can place and track your orders using Alexa voice integration.
PayLater – Service of PayPal
PayPal offers short-term, interest-free payments and other special financing options that buyers can use to buy now and pay later, while merchants get paid up-front. Pay Later offers are included with PayPal Checkout at no additional cost to you.
Pay Later offers to include the following:
- Pay in 4, which eligible US buyers can use to pay for purchases of $30 to $1,500 in four, interest-free payments.
- PayPal Credit is a revolving line of credit that buyers can use to pay overtime, with two promotional offers of six months of special financing and merchant-specific Easy Payments offers.
Klarna: Slice it
With Klarna: Slice it you can offer your customers to pay with consumer financing, without them having to go through a lengthy sign-up process. Offering an easy way of consumer financing is especially a great advantage when you have a high average order value, lowering the barrier for customers to make the purchase.
By filling out a few simple personal details, customers can cut up the amount due in installments and pay it off in anywhere between 3 to 36 months, with interest or without. No matter which duration your customer chooses, as a merchant you will get paid out 5 business days after an order is shipped.
Klarna: Pay later
- In the checkout, the customer selects ‘Klarna: Pay later’ as their payment method.
- The customer fills out only “top of mind”-information and completes the checkout. Customers using Klarna for the first time fill out their email addresses and date of birth. Returning customers can also be asked to fill out their phone number and date of birth.
- After submitting the order, the customer will get an email with a payment link.
- Using the link, the customer can pay with their preferred payment method through the Klarna consumer portal on klarna.com or in the Klarna app.
Our system automatically detects whether your customer is paying from an Apple device. Only then will Apple Pay be offered as a payment method. After selecting Apple Pay as a payment method, the payment is completed with the Touch ID or Face ID, creating a seamless experience for your customers.
For the merchant, there are no additional costs for using Apple Pay. You only pay the regular credit card costs.
Afterpay is a ‘buy now, pay later (BNPL) platform that makes it possible to buy something now, receive your goods, and pay them off later in fortnightly installments.
Afterpay acts as an intermediary platform between retailers and customers. Afterpay pays the retailer upfront for the goods – and then the customer pays back Afterpay.
While you may get the instant gratification of your purchase, you’ll need to commit to making four fortnightly payments over eight weeks. These payments are of equal value for each order and are interest-free.
Venmo – Service of PayPal
Venmo is a smartphone app designed to transfer payments from one user to another through connected bank accounts. Venmo is owned by PayPal.
Venmo uses user-provided account information to enable electronic fund transfers (EFT) between individuals. Users have an account balance on the app, which is used to both send and receive payments. In order to add or deposit funds, users can connect their bank accounts, debit cards, and credit cards. The free app doesn’t require a fee for transfers between users’ bank accounts or debit cards but does charge a 3% fee for every credit card transaction.