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How to Choose the Best Online Payment Method

It’s clearer than ever that good old cash is becoming a thing of the past, and online payment methods are taking up the throne. PayPal, the world’s leading online payment service, recorded an annual transaction volume of over $936 billion. The numbers are truly staggering, and it seems subscribing to one of these services is no longer just an option. You basically need one if you want to function in this day and age.

Internet finances are a huge, booming business, with plenty of competition. If you need help figuring out the best online payment system for you, keep reading.

Online Payment Solutions – Why The Choice Matters

The first few questions should be obvious to anyone with even a glossing familiarity with online payments. Why does the question of which online payment method to use even matter? A simple debit card can do the trick most of the time. Besides, most of these services are borderline identical, right?

Well, yes and no. While it’s true that the main differences between payment services can superficially seem minor, they can be hugely impactful. We’re sure we don’t need to stress the importance of careful online money management, after all. Besides, these differences have a way of popping up when you least want/expect them to. In other words, you won’t even notice the difference until you suddenly do. By then, it may be too late to easily switch to something else.

With that in mind, here are some factors to consider before making your pick.

Coverage

The question of whether the payment service can even be used for your needs is the obvious go-to. First of all, make sure that the method you’re considering even accepts customers from your country or state. You would be surprised at the number of major providers not covering some surprising locations.

However, that’s not the full extent of it. For better or worse, you must also consider which ones are popular with other users. The more widespread a certain service is, the more likely you are to run into it for your transactions. There are some truly excellent small payment methods out there, but that doesn’t matter if they’re difficult to find.

On a side note, e-wallets take up almost 50% of the market share for online payments. As such, a growing number of them are supported by various services and online marketplaces. Moreover, most providers have been steadily improving coverage over the years and will continue to do so.

Purpose

Before picking a top online payment service you’ll truly be happy about, it’s important to consider your online spending habits. What do most of your online transactions end up being spent on? What shops/services are you most likely to purchase on a monthly basis? Is your spending diverse and varied or focused and largely regular?

Once you have at least an idea of how to answer these questions, it’s time to dig deeper into what certain services offer.

For example, Skrill is a well-known digital wallet, one of the biggest of its kind. While it’s universally accepted and used, it’s especially noticeable in the online gambling industry. First of all, the rapid growth of online gambling is one of the reasons it became so popular in the first place. Secondly, the brand was owned by CVC Capital Partners for a long time. This investment firm put a lot of money into the i-gaming business, and their investments could only benefit from online gambling customers having access to a tailor-made payment system.

As a result, Skrill is one of the best payment methods at online casinos and betting sites worldwide. Not that it’s the only choice, of course. Money management is an important aspect of online gambling, and picking the best payment option is paramount. If you want to know more about online gambling and related internet banking options, check out Casino Directory. This site boasts detailed guides to gambling online with real money and the best payment services to do so.

Special Offers and Customer Service

Once you’re done with key components of an offer such as transaction fees and limits, it’s time to dive into the perks. The customer stands to benefit the most from high competition – and the competition in this sector is higher than ever.

Some top payment methods online offer goodies and bonuses to their customers. For instance, you may receive a discount for certain transactions. Others offer coupons and vouchers that are only redeemable if you’re making payments with that particular banking option. Try to dig up any such offers if you’re on the fence between two payment service providers.

And last but not least, never underestimate the importance of customer service. This department is also one of those issues that don’t come up until you really need them. However, the payment provider is your first and last line of defense against scams, unscrupulous vendors, and anything else that might go wrong. Most importantly, make sure to check the refund policy. While often tucked away in a fine-print section of the user agreement, a refund can truly save your skin.

If you consider all of the above, you’ll be safe in the knowledge that you’re not just using online payments – you’re getting the most out of them.

This post contains affiliate links. Affiliate disclosure: As an Amazon Associate, we may earn commissions from qualifying purchases from Amazon.com and other Amazon websites.

Written by Marcus Richards

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