As a business owner, you know well that consumers have different preferences. Now these preferences apply not only to products and services, but also to payment methods. Not all of your customers will pay with credit cards, preferring other options.
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Consumer payment preferences differ based on geographic location, age, the specific product or service they are purchasing, and so on.
Understanding these preferences and providing the right solutions to accommodate them are what drives long-term growth and business expansion.
What are alternative payment solutions?
Alternative methods other than credit card payments are known as alternative payment solutions.
Credit cards aren’t the only way to make online payments. There are several hundred payment methods available in e-commerce. Offering alternative payment solutions is the most efficient way to enter domestic markets around the world.
Alternative payment solutions have several advantages over the traditional option:
- Support for transactions in different currencies
- Saving time
- High security, thanks to the implemented technology for sending SMS with a confirmation code
- Ease of registration
- Low commission
- Ease of output to the card
- Ability to send money abroad and receive from abroad
Types of alternative payment solutions
Bank transfers. Customers can make payments in real time using the internet banking feature.
Mobile payments. Mobile phones and tablets are rapidly replacing desktop computers. Customers prefer to make quick payments by providing only their phone numbers. Mobile wallets are also becoming more attractive with the emergence of customized apps like Apple Pay and Samsung Pay.
Electronic wallets. Convenient e-wallets are one of the most popular and fastest growing alternative payment solutions. PayPal is a very famous and widely used e-wallet. In Russia and other CIS countries, electronic wallets Yandex money, Qiwi Wallet, WebMoney are popular.
Prepayment and postpaid. When using prepayment, payments are made with a card or voucher that customers have already paid for.
The post-pay option allows the shopper to shop online and then pay later at the branch.
Payment by SMS. In this case, it is necessary to send a message to the short number with a specific text (or even without it). The money will be debited from your mobile phone account.
Why choose alternative payment solutions from Wellcoinpay in 2020
Entering foreign markets and global expansion are possible with the help of alternative payment solutions that are more international than paying with bank cards.
Wellcoinpay offers alternative payment solutions for the UK and Europe. Our alternative payment solutions are designed for customers who cannot make payments with bank cards.
We understand the challenges of the global marketplace and help you expand your reach.
Contact Wellcoinpay today to find out all about alternative payment solutions for your business.
We work in Great Britain, Russia, Germany, France, Italy, Spain, Ukraine, Poland, Romania, the Netherlands, Belgium, Greece, Sweden, Austria, Switzerland, Norway, Ireland.