Worldwide Online Payment Services
The world of online payments is full of fierce competition. Online payments are used for most eCommerce transactions, though some eCommerce purchases may be made by sending payments, such as checks, through the mail or by wiring money. There are a multitude of providers; some are local to a region or specific country, while others extend through several countries on different continents. They vary in fees and items or services they permit retailers to sell or rent, and their terms of service also vary greatly.
Providers in Different Areas
One of the best-known online payment services is PayPal. It’s a worldwide processor that may be used for a variety of services and products, though it does have restrictions. For instance, it doesn’t provide services to any businesses that sell or host pornographic content. Another well-known online payment service is Mercado Pago. It’s owned by MercadoLibre, an eCommerce site that’s partnered with eBay. It’s available in Brazil, Chile, Colombia, Mexico, Argentina, and Venezuela. It has grown hugely over the last few years. eWAY is another online payment service restricted to a few countries. It’s available in New Zealand, Australia, and the United Kingdom. There are, of course, many, many more online payment services.
Payment Sources Processed
Some online payment services only accept money from certain services. For instance, eWAY only supports credit card payments, not payments originating from bank accounts. PayPal accepts payments from both banks and credit cards. For MercadoPago, buyers must deposit money into their account in order to transfer it to the seller. Other online payment processors accept money for transfers and purchases from different sources.
You might have a preference based on what they’ll accept; for instance, if you don’t have a checking account, you’ll want one that can take credit cards, since online payment services usually withdraw from checking accounts rather than savings. On the other hand, if you don’t have either credit cards or a checking account, you’ll need one that can accept money orders. These are much harder to find, and you may have to use one that also exists offline, such as Western Union, to make the transfer using cash.
One of the most popular online payment services in the world is PayPal. However, because of their terms of service as regards things like legal recourse against them, some people refuse to use them. In Latin America, MercadoPago is growing rapidly because it’s so popular. Amazon Payments is also very popular. It’s used for Amazon payments, and so has a huge number of transactions daily, but it’s also the online payment service for Kickstarter. It can also be used to send money. Google Wallet is a service Google provides that is an online payment service, available on phones in the United States. RIA, owned by Euronet Worldwide, is the world’s third-largest online payment service. iKobo can be used in more than seventy countries.
Obviously, there is a huge variety of online payment services available. One is sure to match your needs.