Mention and explain five different modes of online payment
Answers
Answer:
Payment method types
•Credit Cards:As a global payment solution, credit cards are the most common way for customers to pay online. Merchants can reach out to an international market with credit cards, by integrating a payment gateway into their business.
•Mobile Payments
A popular payment method in countries with low credit card and banking penetration, mobile payments offer a quick solution for customers to purchase on ecommerce websites.
•Direct Deposit
Direct deposits are when customers instruct their banks to pull funds out of their accounts to complete online payments. Customers usually inform their banks on when funds should be pulled out of their accounts, by setting a schedule through them
•Cash
Fiat, or physical cash, is a payment method often used for physical goods and cash-on-delivery transactions.
•Prepaid Cards
An alternative payment method, commonly used by minors or customers with no bank accounts. Prepaid cards come in different stored values for customers to choose from.