What are Alternative Payment Methods and Why do They Matter?
Alternative payment methods provide a track for customers to buy goods or services without standard payment methods like cash and major credit cards such as Visa and MasterCard. Alternative payment methods consist of prepaid cards, eWallets, bank transfers, and payment installment options (i.e. buy now, pay later). Now that technology is allowing eCommerce and saas businesses to deal online, more customers are preferring digital & mobile payments. Let us explore all types of Alternative Payment Methods Digital wallets. Sometimes they are also known as eWallets. Digital wallets allow customers to fill their accounts with sufficient funds for future dealings. Mobile Payments. Mobile alternative payment methods authorize customers to upgrade their mobile apps with funds. Google pay and Apple pay are the most popular applications and permit customers to process online payments and QR code and SMS transactions. Bank Transfers. A bank transfer is a p...