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One of the most popular technologies in modern life is payments via the Internet. For example, PayPal allows you to safely and quickly pay (in dollars or other currencies) for services online. By making non-cash transfers to accounts using an online service, the user saves time and money. To make an electronic payment, you only need access to the Internet. Funds are transferred instantly. In this article, we will look at the main advantages of online payment. If you regularly make international payments and are looking for a tool to track money exchange – Rates is what you need.
Current Online Payment Options
Transferring money to certain details and paying for goods and services remotely is a convenient and optimal solution. There are several online payment methods.
Types of payments:
- using a bank card;
- electronic money;
- via terminals;
- gadgets supporting NFC technology;
- Internet acquiring technology.
Bank Cards
A fast and popular payment option is a bank card. For example, these could be cards from Bank of America or JPMorgan Chase. Most people use it. Online stores make it possible to buy goods with payment via Visa and MasterCard cards. To do this, you need to enter the card details, CVV2/CVC2 code and confirm the action. Funds are transferred to the seller’s account, and then the goods are delivered to the buyer. This method is very convenient. The main thing is to remember the safety rules.
Pros:
- the demand for bank cards to which various payments are transferred: scholarships, pensions, salaries;
- the buyer pays from any city;
- instant deposit of funds.
The amount on the card is easy to control. Transactions with bank accounts are recorded, and clients receive SMS alerts about the movement of funds on the card. Thus, you can instantly find out about ongoing transactions. The user can view the payment amount and also find out the place where it was made. You can restore your spending history for the last month or week.
Electronic Money
Another online payment method is electronic money. The most common systems are Paypal, Payeer, and some others. It is enough to transfer funds from your account to the seller. Here, enrollment occurs instantly as well. The inconvenience lies in the additional commission for the transfer, as well as the relatively lengthy registration in the system, and the need to replenish the electronic wallet.
Advantages:
- in a few clicks you can pay for a service or product in an online store without leaving your home;
- unlimited use of funds;
- instant transfer of funds between electronic wallets.
Even those who have never engaged in e-commerce will be able to improve the efficiency of currency management. Electronic wallets make life easier when you need to quickly transfer funds.
Terminals
Terminals are no less popular. They are installed in crowded places: shopping centers, bus stops, and banks. Although they resemble ATMs, they do not issue banknotes but only accept them. It is convenient to pay through such machines.
Pros:
- fast payment acceptance: after completing the procedure, the money is instantly credited to the client’s account;
- installation of the devices is possible both indoors and outdoors, which makes them accessible to all people;
- wide range of payment services;
- cash and cards are accepted.
Reasons To Pay Online
Currently, purchasing goods in online stores, paying for services, and making transfers using the resources and capabilities of the World Wide Web are popular. Most banks have created apps that allow you to transfer money, open a deposit, take out a loan, buy an insurance policy such as Aetna, buy Bitcoin or Binance Coin, and many other functions.
1. Rational use of temporary resources
To make a payment via the Internet, you only need a connection to the network. The user does not need to go to a bank branch, which means he does not have to adjust his schedule to the work of the institution. There is no need to take time off from work to make a payment.
2. Convenience and high quality of service
Paying via the Internet is quite simple. There are many services, where each type of payment has a separate page with a clear interface. New users who are using any of the services for the first time will quickly understand the functionality and make the necessary payment.
Online services work automatically and quickly check the correctness of the entered data. The client does not have to worry about errors and slowness of the cashier, which are possible when visiting the bank. There is no need to wait for the bank employee to enter the details and calculate the total amount.
3. Expanded range of services and timely payments
You can carry out financial transactions through the website, as well as through a mobile application. This means that the user does not need to look for self-service terminals. Features of accepting payments using the online system are designed to meet the requirements of any industry.
Payment may concern different areas:
- tax obligations and duties;
- utilities;
- mobile account replenishment;
- shopping in online stores;
- studying at a university or visiting a kindergarten;
4. Minimum commission or no commission
When making a transaction, the commission amount is usually between 0% and 5%. Loyalty programs are provided for clients registered in the system. On the resource, you can often see news about promotions.
5. Secure payments
The level of service of electronic services meets international security standards. 3D Secure technology was developed by experts from Visa and MasterCard. Personal data used when making an online payment is encrypted.
Each operation is confirmed by a one-time password, accessible only to the user. Even if you don’t make purchases online, the technology will eliminate unauthorized card transactions. Confirmation of payment is a receipt received by the payer within a minute by email.
Conclusion
Online payments are an opportunity to pay for services and goods, as well as make transfers and payments through a mobile application or website without using banknotes. This simplifies business processes and facilitates financial transactions. If you regularly make international payments and need to track currency exchange rates in Ukraine, we recommend the Rates service. It is available 24/7 anywhere in the world, be it sunny Los Angeles or rainy London.
Image Credit: depositphotos.com
