Home Business-newBusiness What Factors Should Be Considered When Choosing a Payment System?

What Factors Should Be Considered When Choosing a Payment System?

by Yucatan Times
0 comment

Electronic payment systems are analogous to online bank accounts, allowing users to easily store money and pay for purchases. If previously the services of electronic payment systems were used mainly by freelancers, today they are used by almost everyone who, one way or another, makes online purchases and values convenience and time. This article will help you choose the best payment system for your needs. If your activity is related to money exchange – Rates is what you need to track the current exchange rates of currencies in Ukraine.

Which Payment System to Choose

Just a few decades ago, the thought of sending money to any country in the world in a few clicks was puzzling. Today, electronic payment systems have become indispensable assistants for online businesses, earning and spending money via the Internet. And the success and benefits of such operations depend on the choice of payment system.

When choosing an electronic payment system, you should pay attention to the following criteria:

  1. Reliability. It is recommended to give preference to payment systems that have been operating on the market for a long time and have proven themselves well.
  2. Prevalence. The more users a payment system has, the more in demand it will be among business clients, and the easier it will be for ordinary users to make payments.
  3. Rates. This is one of the main criteria when choosing a payment system. At the same time, you should pay attention not only to the cost of transactions and transfers but also to the amount of fees for conversion, withdrawal of funds, and maintenance of an active/inactive account.
  4. Currency support. It is important that the payment system supports the convenient currencies that you use most often. Otherwise, you will need to pay an additional conversion fee with each payment.
  5. Payment methods. All payment systems offer different methods for depositing funds into an account and withdrawing a deposit. The more such methods, the more convenient it is to use the system.
  6. Safety. Of course, the task of all payment systems is to ensure secure transfers and acceptance of payments. To achieve this, all companies undergo mandatory certification by independent auditing companies and create a reliable system of protection against hackers. But you should definitely familiarize yourself with the security measures of the service, study what methods of protecting accounts the system offers, whether there is two-factor authentication, and other additional security options.

Also, when choosing a payment system, you should take into account the features of the payment system. For example, since PayPal offers limited capabilities in some countries of the world, this payment system is convenient primarily for paying for various goods and services.

You should also take into account the fact that in most electronic payment systems you need to verify your identity. This is necessary to comply with the requirements of anti-money laundering and anti-terrorist financing regulators. The only exception to this list is the decentralized payment system Bitcoin. Therefore, this option is ideal for those who want to carry out financial transactions anonymously.

The Best Payment Systems

All payment systems have their own characteristics, and it is important for you to know about them. Let’s look at the most popular payment systems in the world that can best meet your needs.

PayPal

The well-known American payment system PayPal allows you to accept payments all over the world supports several payment methods for businesses, and is accepted for payment in almost all global marketplaces.

Until 2015, the company was a subsidiary of eBay, providing a high level of security for transactions between sellers and buyers. PayPal later separated and became a full-fledged electronic payment system operating in more than 200 countries around the world.

However, in almost 100 countries, PayPal functionality operates under the “send only” system. Thus, withdrawals are limited for users from these countries, but they can accept payments and make purchases in online stores, buy clothes online or Aetna insurance policy.

Payeer

Payeer is a popular electronic payment system all over the world. Payeer users can pay for goods in various online stores, accept payments from customers, transfer money around the world, and even pay for mobile communications and utilities. Payeer is especially popular among freelancers working on foreign exchanges.

Opening an account with Payeer is free, and for transfers within the system, the service charges a commission of 0.5%. API connection will cost 0.95%, and for currency conversion, you will need to pay a 1.5% commission.

Bitcoin

Bitcoin is a peer-to-peer payment system that is open source and allows decentralized and completely secure payments worldwide without restrictions. Bitcoin is an alternative to traditional money and payment systems.

Unlike other payment systems, there is no centralized management, that is, it is managed by a small group of developers. It is guided by a strict mathematical algorithm and the users themselves, all of whom are equal.

The most important thing about Bitcoin is that it does not obey government laws and works even where banks do not work. With it, you can send any amount to any country. In this case, the commission is set for senders, but the higher it is, the faster the transaction processing speed will be.

Advanced Cash

Advanced Cash is a payment system that combines various types of services, replenishment, and withdrawal of deposits. In particular, the system supports working with cards and bank transfers, major cryptocurrencies (Bitcoin or Ethereum), payment terminals, and other payment products. The service also offers the opportunity to order an Advanced Cash bank card, which allows you to easily withdraw money from any ATM in the world.

Opening and maintaining an account is free, but the commission for withdrawing funds from the system varies from 1.99% to 2.99%.

Conclusion

The convenience of using electronic payment systems is obvious: businesses do not need to spend money on cash collection and worry about the safety of storing cash, and customers receive a convenient payment method. For these and many other reasons, e-commerce is growing irreversibly and is taking an increasingly confident position in the global economy. If you want to improve your online payment experience, we recommend using the Rates service, which provides a tool for tracking current currency (dollars, euros, etc.) exchange rates at Ukrainian financial institutions. The service is available around the clock to users from all over the world, including the financial centers of New York and Hong Kong.

You may also like

Leave a Comment

Our Company

Lorem ipsum dolor sit amet, consect etur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis.

Newsletter

Laest News

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
-
00:00
00:00
Update Required Flash plugin
-
00:00
00:00