Modernize Your Payment Methods to Be in Pace with The World

If we look back, we realize that the method of payment for items used to involve hand-to-hand transfer. If one used to run out of cash, there was no way for one to get the required money instantaneously. This used to cause a lot of problems as carrying large sums of cash was always a tension due to thieves. But with the introduction of online payment gateways, this problem has been curbed to a large extent. Now one can access their bank account using personalized credentials at any point of time and use money transfer services online to make purchases. More information on these portals and payment gateways are given below:

How did this all begin?

The e-payment portals came into existence mainly because of the World Wide Web. In the 90s, the innovation and invention of online payment services revolutionized the world.

Stanford Federal Credit Union was the first financial institution that allowed net banking. But the process was so complicated that only professional coders could use this facility. Not very enterprising right?

Later the process was simplified a bit, but it required additional softwares and knowledge. This was not welcomed by many again.

By the beginning of the millennium, there was an increase in the number of cell phones around the world. These cell phones could later access internet facilities and this opened up new possibilities for the online payment services.

Soon mobile apps were being made that could perform online banking and other monetary transfers. One could also see the line between offline and online money transfer blur out. Now there are numerous money transfer services online to choose from.

Why should one pay online?

When the concept of online payment gateways was brought up, people were apprehensive about it and they had genuine reasons to be. With it being a new concept, there was no sense of ease and security associated with it. But now the times have changed.

There are high security encryptions provided on either end of your transaction that are responsible for your safety and secrecy. The security doesn’t get compromised under normal conditions and is quite efficient.

The major advantage of using online payment services is that you need not visit your bank. Wherever you are, connect your cell to a safe network and then you are ready to go! It is like a portable bank and can perform almost all the functions a bank does.

The ease of use, portability and security all add up to the reasons for one to conduct monetary transfers online.

Do I need to be tech-savvy to pay online?

If you were living in the late nineties or the early two thousands, then the answer would have been yes. Right now, if you can click the right buttons, you are pretty much ready to pay online. Here are some steps to follow while using online payment gateways.

First, you need to have a safe and secure internet connection. Never try to use the free and open internet provided at restaurants and cafes for your payments. Also, if you are out of internet and are planning to connect to a portable hotspot, then make sure that it is created by someone you know and trust.

If you are in a store, restaurant or cafes, then you all need is their unique QR code or contact number. If you open your payment app, you will have an option of scanning the QR code or inputting the mobile number.

After the app identifies the account of the store keeper, it will ask you to input the amount. Type in the amount and submit. Your transaction is complete. It is that simple.

For larger sums of money, you would want to visit the site of your bank.

Is having a regular account sufficient?

The average limit of money transfer services online like Amazon Pay is around $500. This is insufficient for business dealings. That is where you opt for merchant accounts.

These accounts extend your limits and provide additional perks that are aimed at boosting your business. The limit of the account varies from bank-to-bank but is around $1000.