Why You Should Use Alternative Payment Methods for Online Transactions

Many customers use their debit or credit cards for online transactions several times a year. While this is fine, the method isn’t without its risks. For one, these cards are one of the oldest financial systems we still use today, which makes them more susceptible to malicious persons and tools on the internet. Of the two cards, credit cards are often the safest bet. But, even they pale in comparison to alternate payment methods that combine ease of use, efficiency, and safety to guarantee users a good, streamlined experience. Standard alternative payment methods are Apple Pay, PayPal, Google Pay, WeChat, Amazon Pay, etc.

What are Alternative Payment Methods?

One of the most typical qualities of alternative payment methods is that third-party payment services mostly run them. That means that traditional financial institutions don’t manage them. Instead, the name itself means a deviation from traditional modes of payment, such as debit or credit cards and cash.

However, alternative payment methods are just as common as regular financial transaction services, despite seeming like niche solutions. For instance, if you want to check out the library of roulette NetBet provides on its website, you don’t need to make a bank deposit. Instead, you bet on games like European roulette, Golden Chip roulette, and Two-Ball roulette using third-party payment options like Neteller, Skrill, and PayPal. This bypassing the bank isn’t new and is the go-to in many countries. For instance, up to 57% of shoppers in Germany use PayPal for their e-commerce needs.

Why Should You Use Them?

There are multiple reasons why alternative payment methods are beneficial, but here are a few to consider:

Transaction security

A 2015 study found that about 15% of e-commerce users had no problem with previous purchases because they were worried about the security of their transactions. Using any other local payment method, like a bank transfer or electronic check, isn’t safer than using your debit or credit card. Instead, alternative payment methods can guarantee safer online dealings because your sensitive data won’t be exposed during the transaction process.

Since you only need to input your password and username, you can rest assured that alternative payment methods won’t exchange your data with other services. You also can use two-factor authentication, face ID, and fingerprint scan to give the go-ahead for a transaction.

Improved range of options

E-commerce is one of the most trending industries, with more consumers turning up to shop than ever before. However, not every one of those customers will complete their purchases due to issues with payment options. As a result, consumers are more likely to avoid these behaviours when their preferred payment options are available in an eCommerce store.

A study showed that 26% of customers were concerned about their preferred payment options not being used on an eCommerce site. This means less trust for the customer, and they are less likely to become repeat customers. Having the option to choose between several alternative payment methods gives customers the flexibility to choose how to pay.

Quick checkout time

Customers, especially online shoppers, are usually time-sensitive and would rather not spend the entire day filling out forms during delivery or checkout. This reduced speed has slowed down many deals as customers left for elsewhere. With alternative payment methods, checkout is much faster because there are fewer dorms to fill out and fewer requirements to make.