woers

• Payment Methods


  • Pay (Debit or Credit) Card
  • Digital Wallet
  • Cash
  • Online Banking
• Introduction


  It's important to know what type of payment options you will use to maximize your revenue. Opening up an online store is no different. There are many types of payment option you can do online for your e-commerce platform. Take a look at the common types of payment methods and identify the advantages of each one of them.
• Pay (Debit or Credit) Cards

  • Using a pay card is popular way to pay online
  • It is the default payment options of many ecommerce platforms
• Using Pay (Debit or Credit) Cards

  1. User just needs to enter their card details such as their card number, expiry date, and CCV (card verification value)

  2. Before proceeding with the transaction, user is usually required to enter an OTP (one-time password), which is either sent via text or email
• Pay (Debit or Credit) Cards

  • Example of a pay (debit or credit) card
• Digital Wallet


  • A digital wallet stores money for users that they can use to make transactions
  • Digital wallets can also be used on smartphones, making them very convenient
• Digital Wallet


  • Example of a digital wallet
  • Smartphones manufacturers also have their own wallets, for example:
• Cash


  • Cash physical cash is a common payment method if a customer chooses for COD option
  • It's also less susceptible to frauds
• Cash


  • Example of cash
• Online Banking


  • Is a popular e-commerce payment method
  • Customers enrolled in an internet banking service can do a bank transfer
  • Similar to credit card payments, bank transfer usually required OTP as added security
• Online Banking


  • Example of online banking
• Integrated Payment Systems


  Efficient processes within a company are crucial for the success of the business. One of the most important things that an e-commerce business must streamline its payment process. This is where an integrated payment system comes in. It aligns all payment processing features such as accounting and payroll. It automates payment acceptance whether it be credit card or online banking payments. It also helps teams within these departments to communicate and collaborate to improve overall business efficiency.
• Reduce Human Labor and Errors

  • Instead of manual accounting integrated payments use automated processes to make financial management easier
  • This reduces human errors like duplicate transaction or missing or double entries as well
  • Integrated ledgers are also updated real time and can show transaction history, which allows for better insight and reporting
• Better Security


  • Fraudsters and hackers will find it harder to attack a business with an integrated system
  • These systems usually have payment card industry certification that ensure topnotch security for credit card transactions
  • In addition, many integrated payment processing systems use tokenization, a technology that authenticates a user accurately and thereby reduces a data breach
• Marketing and Sales Capabilities

  • Many payment systems are also integrated with customer relationship management software
  • CRM apps are designed to help companies manage customer relationships and analyze customer interactions to improve services, increase sales, and keep customers happy
  • Integrating CRM and payment processes is convenient. For example, a customer can direct send a request regarding their order or payment via CRM app