Common Forms Of Online Payments
With so many ways to pay for things online, it can be hard to decide which one is best for you. Luckily, we're here to help! In this blog post we'll review some of the most popular and widely used methods of payment in our current financial reality. We hope this will clear up some of the confusion and help you make an informed decision as far as how to pay for your online purchases.
- Traditional Debit/Credit cards
- PayPal
- Bitcoin - (secure) eChecks - (secure) Gift Cards from retailers like Starbucks or Amazon.
- Direct Bank Transfers - (secure)
- Online PayPal payments - (semi-secure) - Online Bitcoin purchases - (semi-secure)
Updated September 23rd, 2016
Direct Bank Transfers are the safest method of online payment, but they are also the most inconvenient. You can use them to make payments like eChecks using your bank account or to send money directly from your checking account to someone who has requested a bank transfer. You will have to contact your bank and initiate a direct transaction. There are still security issues with this method because your bank is sending money into an account that is separate from yours, which means you are leaving too much room for error. This method is best used for small amounts of money that you don't mind losing or for large purchases that you trust the person to pay back.
A Debit card from your bank is your best option if you want to send money from your checking account. This will allow you to use the funds in your checking account almost anywhere that accepts card payments online, such as online store sites and some payment processors like PayPal. You can now also use them in locations where credit cards are not accepted, so this method of online payment is a great choice for frequent travelers or people who frequently spend money abroad.
PayPal provides a lot of convenience and security for online transactions. You can use your PayPal account to pay for an item by entering the information about the payment and the item into your PayPal account. From there, you can either make the payment with a credit card or send money from your bank account to complete the transaction. When using PayPal you have a lot more control over how much of your money is spent on each purchase and what kind of currency it is in. Also, because it's an open system, you have a lot more freedom to shop around for different payment processors and even choose methods of receiving payments from different countries.
eChecks are very similar to a normal check that has been sent by mail. You pay for them online and they are deposited into your account just like a normal check, but you do not have to wait for the postal service to deliver them. Because of this convenience, eChecks have become very popular in the United States. They are supported by a lot of banks and you can send them directly from your bank account. Just like with Direct Bank Transfers, you can ensure that the amount of money in your account will cover the amount that is being sent as well as give you or your bank a chance to check out where it is going before releasing funds.
eGifts Cards are used just like traditional gift cards. You purchase a card at a participating retail location for an amount that is purchased with cash, debit, or credit card. You can then send that information to the recipient of the gift by entering it into their email account or physical mailbox. A lot of people like eGifts for birthdays and holidays because they don't have to worry about tracking down the right one for each person. For example, if you have a family member who loves getting new video games but also has a hobby of collecting coins from around the world, you can find an eGift card that lets them use it towards either of those things.
You can buy bitcoins online using different methods, including bank transfers and even credit cards in some situations. The most popular method of buying bitcoins is to use an online exchange like Coinbase. This gives you a lot of control over how much of your money goes to each purchase and some protection against possible fraud. Some people also opt to send cash to someone who has requested a bank transfer, but this is not recommended because it leaves you vulnerable to identity theft. You can also use these methods to buy gift cards and pay for things like hosting or other practical services that are available in the world of bitcoin. Paying for things with your credit card, besides being a risky choice, can make you ineligible for future credit due to restrictions on credit card purchases.
As far as debit card alternatives go, there are a few different online methods. These include sending bank transfers to someone who requests one and using an eCheck that you received via email. You can also use an eGift card for this, but it does not give you the same level of protection that bank transfers or eChecks do, so this is not recommended. For more information see our post on How To Buy Bitcoins With A Debit Card .
Although the most common way of paying for things online is PayPal's online credit card payment system, there are a few other popular choices. The most secure of these is a bank transfer, but this can be inconvenient and may not always work with all merchants, so it isn't the best choice for everyone. You can also use an eCheck to pay for online purchases in some cases, but you have to be able to get them from the store or merchant first. The best choice for PayPal alternatives is an eCheck that you print out and mail or fax.
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Conclusion
Just like with traditional money, there are a lot of alternative ways to pay with bitcoins. You have the traditional banks for deposits and transfers, as well as a variety of different methods for receiving payments and paying them out. In order to be safe when using these methods, it's always best to make sure you have control over who you are sending funds to and what is being paid for before releasing the money. Don't give someone access to your checking account without knowing exactly what you will be doing with their money, because this can cause serious financial problems down the road. Also remember that while this post covered a majority of ways to buy bitcoins online or from individuals, it does not cover some other ways that are not entirely safe as well.