Alternative Payment Methods
Alternative payment methods are 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 online shopping, buyers and sellers have always looked for efficient and safe payment methods. Alternative payment methods give you just that. Therefore, with these payment methods, you can ensure your customers 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 physically are not remain relevant. Hence, 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, etc.
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, the introduction of such payment methods is 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 business methods to 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 a market where local payment methods are taking over. You have to stay relevant and offer multiple options over just being restricted to credit cards.
PayFasto can help you with local payment methods in all sorts of regions and countries so you can stay focused on your business. We handle all the hassle of setting it up and getting you live!
Benefits of alternative payment methods
The benefits can be elaborated all day long. But just like our services, the overarching benefits are summarised for a greater efficiency:
- Increases sales
- Access to a broader base of customer
- Swift and efficient payment
- Retain current customers
- Increase independence
- Reduced chargeback
- Increased sense of reliability of the customer- when processed smoothly and safely
Therefore, it is more about providing your customers a reliable source of shopping. So, it helps you produce a customer base that can rely upon you. Then again, wrong processing can lead to greater damage. But why worry when you have PayFasto.
Why are Local Payment Methods so important?
LPMs is an important resource 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 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. This means having LPMs at your checkout will engage consumers who 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 from adding local payment methods to their checkout process, which would ensure a sale in a larger way than “just” having a credit card as a possibility. Many LPMs are localized, which means they have local trust and have gained customer’s belief in their service, which will come to your aid.
Some of our most used local payment methods:
What are the benefits of using LPMs with PayFasto?
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?
The fees that PayFasto will charge depend on factors like Processing history, LPM, Countries, Volume of sales. All merchant accounts are unique, but included terms stay 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
PayFasto as your go-to partner
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 PayFasto is your best choice to help you. We understand your needs and business like no other, and we will work 24/7 for you 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!
So get in touch with us today!
