Consumers are accustomed to being instantly connected — to information, to entertainment, to one another via text message and social media, and to items they want to buy. With this expectation that nearly every need can be immediately solved with the help of technology, it’s not wonder that they’ve become so privy to online payments — and the businesses that accept them.
Here’s a look at the top reasons people prefer online payments:
1) They eliminate geographical boundaries. When a person travels to a different country or continent, they have to adapt what’s in their wallet. This may include exchanging currency and even using a different credit card than they would typically use. Online payments eliminate the obstacles to participating in a global marketplace.
Many payment processors equip businesses to accept a range of different currencies, automatically calculate the proper exchange rate based on the type of currency — and even adapt the language and information prompted in checkout forms to accommodate the different languages buyers might speak, based on the currency used.
2) They’ve never been more convenient. Payment technology has evolved to the point that consumers can complete an online payment even if they don’t have a card or physical wallet on hand. In addition to the increasing popularity of mobile wallets, like Apple Pay, research by Javelin Strategy indicates that simpler forms of alternative funding (think PayPal or BillMeLater) remain well-received by online consumers. In fact, more than 80 percent of respondents to Javelin’s study said they’d used one of these card-free payment tools in the last year to make an online payment.
3) They give consumers more time. Online payments aren’t just convenient in the sense of transaction speed — they eliminate the need for consumers to travel to a store, invest their time, and wait in line to pay. Studies on the psychological impact of waiting in line reveal just how precious time is to consumers: They tend to overestimate how much waiting will deplete their time by nearly 40 percent. Whether the amount of time a customer loses from waiting in line is real or imagined, perception is the reality: Online payments deliver a tangible benefit, simply by offering the buyer a choice of how to spend their time.
4) They replicate their existing financial habits. Online banking has become a tool that more than half of Americans rely on to transfer funds, pay bills, and track their budgets, according to Pew Research Center. Online payments replicate the financial habits and behaviors that have become the “new normal” for so many consumers.
So, as a merchant, about the popular online payment methods like Paypal, what else do you know? I would very glad to introduce Epay to you. Epay is an online wallet, you transfer money to friends for free. And it is also an online payment method, it supports to pay by Perfect Money, Advcash, Payeer, and Fasapay. What’s more, if you don’t use those wallets, you can pay by your local currency through bank. Is it very convenient for you to receive money from customers all over the world?