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The Difference Payment Methods Used In E-Commerce



The smoothness of transactions is one of the most prominent things that determine the success of an e-commerce store. Getting payments to work on a website or app depends on several things, but one of the most important is that your customer's preferred payment methods are available.

The rise of online shopping has led to the development of several e-payment systems, which should be used by every e-commerce business to make payments as easy as possible.

This article explains the different kinds of online payment systems and what a payment gateway does to make them possible for your online store.

The Difference Payment Methods Used In E-Commerce

What Is A Payment Method?

A payment method is only one of many ways to pay for goods or services. The many payment options are varied. Cash, credit and debit cards, prepaid cards, mobile payments, bank transfers, and other payment options may be accepted.

A favorable impact on sales and customer relations will result from providing all the payment alternatives your consumers expect to discover.

Mobile payment methods, a result of m-Commerce, and foreign payment methods are some of the most crucial factors to consider if your objective is to develop a seamless checkout page because globalisation influences eCommerce.

How E-Commerce Payment Processing Works

Opening the payment gateway is the first stage in the e-commerce payment process. This occurs when a consumer makes an online purchase and inputs payment information, such as their credit card number. This occurs after customers have placed an item in their shopping cart and have chosen the checkout option.

The payment gateway sends the payment processor the encrypted payment information in the second phase. The payment processor then contacts the card-issuing bank to verify the transaction. Once the bank approves the payment, it deducts the full transaction amount from the customer's account. Don't forget that there are many ways and methods to accept online payments that will create easy access for customers. The payment processor subsequently notifies the payment gateway that the card-issuing bank has approved the payment. Even though the money has yet to arrive in the merchant account, the payment gateway will, at this point, inform the e-commerce website of the bank's authorisation. The money is placed into the merchant's account as the last step after deducting it from the customer's account.

Types Of Payment Methods That You Can Integrate Into E-Commerce

Every company has distinctive offerings, but only some accept various payment methods. Customers will be more likely to purchase from you since they trust you more if your website accepts safe payment methods.

It will also make the purchasing process easier and more fun for them. Today's technology world offers a wide variety of online payment options.

The optimal option for your e-commerce company will rely on several factors, including your location and the major location of your clients. You should also consider payment plans if you have more expensive things.

Credit card

Users of credit cards, which banks often provide, can borrow money and conduct transactions up to pre-approved credit limits. Because they may make any purchase without making immediate payments, customers often prefer using credit cards.

The sum is added to their monthly payment and may either be paid in full on the due date or structured as an EMI. Credit cards are often used for online purchases because of their convenience and security characteristics.

Allowing credit card payments on your site might make it easier for your customers to buy without worrying about making an upfront payment.


E-wallets, also virtual wallets, are electronic payments that save the customer's payment information. This allows the buyer to make in-person and online purchases without re-entering their information each time.

Apple Pay and Google Pay are two instances of well-known and widely used digital wallets. Users can pay using their mobile devices in a manner that is not only simple but also safe and, in most cases, cost-free when using this payment method.

QR Code

When a transaction is completed in person, using QR codes to speed up the payment process is one of the most efficient and straightforward methods. The only thing that purchasers need to do is scan a QR code.

Then they will be sent to the checkout page where they can either manually input their payment information or pay using another method, such as an account with Google Pay or Apple Pay. Because the seller may use a smartphone instead of a card machine, paying with a QR code is an easy and speedy payment that benefits both the consumer and the business providing the product or service.


Since they were originally made available on the market, digital currencies have advanced significantly. Today, they are used by millions of people, and companies have begun to accept cryptocurrencies as a form of payment, but it is still being determined how long they will remain in use.

On the other hand, there is a vivid picture of the future of cryptocurrency today. Offering a digital currency payment option may help you increase online sales even if this kind of payment isn't appropriate for every eCommerce company with a target audience inclined to invest in cryptocurrencies.

Offering this payment option has the drawback that these currencies vary greatly in value compared to conventional cash.

Bank transfers

Customers registered in an internet banking facility can pay for online purchases by initiating a bank transfer. At there, please be responsible for using separate bank accounts in your business. Each transaction must be checked and approved using the customer's online banking credentials before the purchase can be completed, giving customers peace of mind.


Payments are critical to your success whether you're just launched or running an entire firm. You may pick the finest service providers by being aware of the essential characteristics of acceptable payment solutions and the online payment process.

Whatever processing option you decide on, be sure it facilitates straightforward online transactions for both you and your customers. Especially, properly managing customer relationships is worthwhile for your businesses.

Knowing your target market is crucial when choosing which payment options to include in your online business. Before settling on the payment options you provide at checkout, you must gather basic customer information.

Online retailers that need to consider these face the danger of introducing payment methods that consumers will only accept if they use them or trust them. You must provide the appropriate online payment choices to improve your conversion rate and client happiness.

Article by Pankaj Shah: DCP WordPress Web Designers

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