Alternative Payment Methods
Alternative payment methods is not only shaping the future but it is the future and are not really alternative anymore as they’re becoming the dominant piece in the online sales puzzle. Since the wide acceptance of the online shopping, buyers and sellers have always looked for efficient and safe payment methods. Alternative payment methods gives you just that. Therefore, with these payment methods you can ensure your customer can pay for your products and services on the go.
People have become extensively busy these days. So, older methods of paying with cards while being present physical are not remaining relevant. Hence, the payment methods have adopted various ways through which people can make payments from home. Furthermore, the methods have been made much easier with mobile payment systems, crypto payments and much more.
What are alternative payment methods
Alternative payment methods are an alternate solution to making payments other than your credit card. The alternative systems include debit cards, charge cards, prepaid cards, direct debit, bank transfers, digital wallets, phone and mobile payments, checks, money orders, cash and crypto payments. Also, introduction of such payment methods are more effective when the payments are made for e-commerce as it offers more options than just using your credit card.
Hence, whatever your products and services may be, you will require these new methods for your business in order keep up with the shift in payments. In order to cope with the world of payments and changes within the consumer interest this is to make your business grow in market where local payment methods are taking over. You have to stay relevant and offer multiple options over just being restricted to credit cards.
PurePay can help you with local payment methods in all sorts of regions and countries which means you can stay focused on your business. We take care of all the hassle of setting it up and getting you live!
Why is Local Payment Methods so important?
LPMs is an important ressource to have as an online business as they tap into consumer trends and appetite for choice and convenience. As a merchant, you want to be able to offer a wide array of payment options at your online checkout. LPMs are relevant in many industries sectors and regions and with any online business, you’ll need to be able to offer some of our below mentioned LPMs in order to keep up with demands in the payment technology as if you decide not to it can end up costing you money and customers every month.
From a consumer perspective they’re often faced with multiple eCommerce stores offering similar products, at that point user feel becomes an extremely important factor in their decision-making process. Which means, having LPMs at your checkout will engage consumers whom might be looking for simplicity and local payment methods they know and trust will give you an edge over your competitors. International businesses would also benefit with adding local payment methods on their checkout process which would ensure a sale in a larger way than “just” having credit card as a possibility. Many LPMs are localized which means they have local trust and have gained customers belief in their service which will come to your aid.
Below we have some of our most used local payment methods
What are the benefits of using LPMs with PurePay
Some of the benefits of not only collecting but starting with local payment methods with us as your partner.
- Multiple LPMs
- Fast Payout from all
- One contract
- One integration
- Best service in the market
What Costs are associated with local payment methods
Fees that PurePay will charge depends factors like: Processing history, LPM, Countries, Volume of sales. All merchant accounts are unique but included terms stays the same for most as it depends on LPM to which fees are included in the terms:
- Transaction fees
- MDR (Percentage)
- Chargeback fee
- Refund fee
Now that you have a clear understanding of not only what alternative payment methods processing is and why it is a high-risk industry, you now understand why PurePay is your best choice to help you. We understand your needs and business like no other and we will work 24/7 for you and to get you the best terms. So, avail our services now. Whether you are a high-risk merchant or a low-risk merchant if you require alternative payment methods processing, sign up with us now!
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