There are many different types of payment solutions available today. These include credit cards, debit cards and prepaid cards such as gift cards. Some are better than others, depending on your type of business. Here is a breakdown on seven different payment solutions:
1. Credit Cards
Credit cards are the most common type of payment solution used today. They’re fast, convenient, and secure.
2. Debit Cards
Like credit cards, debit cards allow you to spend money directly out of your bank account. They’re usually used as often as credit cards.
3. Prepaid Card
Prepaid cards are similar to debit cards, except they don’t require a bank account. Instead, customers load cash onto a prepaid card.
4. Online Payment Solutions
These days, online payments are becoming increasingly popular. Several options are available, including PayPal, Apple Pay, Google Wallet, Square Cash, etc.
5. Mobile Payments
Mobile payments are becoming increasingly popular for making purchases via smartphones. They’re convenient because you can use them anywhere, anytime.
6. Virtual Currency
Virtual currency is a digital version of real currencies. Examples include Bitcoin, Litecoin, Dogecoin, and Monero. They’re gaining popularity due to their anonymity.
Of course, this is the oldest form of payment for items. Cash is still very popular, especially among small businesses.
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