Whether you are already managing an online business or if you are planning to penetrate new international markets, online banking is something you should be concerned about. The number of private financial transactions per day are increasing for each year and this is a global trend. People are not only doing their shopping online but are also more willing to pay for entertainment, digital products and services related to health and personal development online. Many of these services are not restricted to countries or languages meaning business owners, personal trainers and the like, are now able to compete on the global market. This is were banking methods come into the picture. Customers around the world all want the same thing. Hassle free and safe transactions with low fees and commissions. The banking methods that offer exactly this, are not the same across the globe. As a business owner you need to know what works and were. So, without further ado, here are a few of the common web payment options in different parts of the world.
The United States of America
Americans continue to love paying using their credit or debit cards and platforms like 2Checkout, BlueSnap, Optimal Payments or Stripe are excellent for processing online payments for web businesses. PayPal and Skrill, Neteller and other similar e-wallets are also extremely popular in the United States. PayPal is one of the most popular payment systems worldwide and also a powerful American company with global operations that support money transfers. It is also an excellent means of making electronic payments that successfully replaced money orders and checks. PayPal is one of the main payment processors for numerous online vendors, as well as websites. The platform charges a fee in exchange for its fast one-click transaction options.
Credit card options, PayPal and e-wallets or prepaid cards seem to be some of the most common online payment solutions used by people in the UAE. When it comes to online gambling, not all local banking methods may be available due to local gaming regulations. According to CasinoElarab different cryptocurrencies are becoming popular and for casino or betting payments G2A Pay, HiPay and Blue Snap are preferred solutions in the Middle East.
Countries like Argentina or Brazil use Paypal, PagFacil or prepaid cards and e-wallets like BlueSnap and Stripe to make their payments online. Platforms like Billriant Pay, WorldPay or Mercado Pago also allow people in Latin America to use their bank cards for payments. Mercado Pago is one the biggest online payment platform in Latin America. Launched in 2004, it operates in countries like Colombia, Venezuela, Argentina, Mexico, Chile or Brazil and it exists to simplify all transactions that are part of the MercadoLibre or for transactions that are not part of this marketplace. Users can safely and easily make money transactions online, receiving and sending payments. MercadoPago is currently embraced by a number of different platforms, such as social network platforms, MercadoLibre, email or e-commerce businesses. With more than one hundred million users and billions of US Dollars that go through the system on a yearly basis, this online payment platform enjoys some of the highest levels of popularity.
Counting more than 1.435 billion people, China is a country that seems to rely a lot on credit and debit card payments with the help of platforms like 2Checkout, Hipay or BlueSnap, Alipay (the biggest e-wallet provider in China created by Alibaba and that requires people to create an account in order to be able to make their payments), UnionPay and a number of e-wallets like Skrill and Stripe, prepaid cards and PayPal RoW. Invoice and PayPal payments using platforms like BlueSnap are also very popular in South Korea, together with Strategic Funding and Braintree.
Digital payments completed through platforms like Skrill, PayPal, Paymill, Sofort, Mollie or BlueSnap are some of the most popular payment methods for people in Germany. Amazon Payments and credit card payments through Postfinance, Saferpay, Payolution or Payone are also on high demand in Germany and other European countries. Lots of Germans also choose Ingenico or easyCredit and the Swedish banking method Klarna is now used in many countries around northern Europe. Skrill is a powerful e-commerce business that enables payments as well as money transfers to be completed online. Since it provides fast transfers of money at a global level and for some of the lowest prices, it is particularly popular among casino players and sportsbooks, as well as sellers worldwide. Skrill is also part of the Paysafe Group starting 2015.
Why Banking Methods Matter
So why are banking methods important? Well according to the Studie “Erfolsfaktor Payment” the payment option is one of the most important factors behind sucessful sales online. In fact, 8 out of 10 Germans will fail to complete a purchase online provided they do not like the payment option they are presented with. This is why it is essential to know from what region your customers are coming even if you sell a product they can download directly from your website. No matter what industry you are in, if you offer products or services for sale online, make sure to review your banking options and keep yourself updated with what your customers expect!