What is an Online Payment Solution? Frequently Asked Questions and Answers

  • Added:
    Jul 23, 2013
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Was that a mistake? Project 365(2) Day 160
Was that a mistake? Project 365(2) Day 160
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If you are new to online shopping, you may or may not have heard of the online payment solution. You may have even used one yourself if you bought something online recently. If you don't know what an online payment solution is, we will break it down into a series of questions and answers in hopes of educating you about this practical and secure internet-age invention.

Q: In as few words as possible, what is an online payment solution?

A: Essentially, an online payment solution is a platform through which you can make and accept electronic payments. It includes an electronic wallet you can use in virtual stores. It holds your personal information (name, phone number, address), as well as your credit card details. You can even add money to your ewallet to make non-credit card payments. You can also use your online payment solution to send money to anyone almost anywhere in the world with just their email address.

Q: Is my personal and financial information safe?

A: Online payment solutions are very safe to use – safer that just entering your credit card details on a merchant’s website. The reasons for this is that online payment solutions often have around-the-clock fraud monitoring, and store your encrypted information on secure servers that are safeguarded against interception.

Q: Are they free?

A: Most online payment solutions are free to open and use for making payments and sending money. However, most will charge a fee if you receive money into your ewallet; this is more applicable to merchants and remittance recipients. You will have to shop around to find an online payment platform that charges fees you find reasonable for their services.

Q: Can I make payments in any currency I want?

A: Most online payment solutions will give you a choice of currencies to choose from, but not all currencies will be available. Again, you will have to shop around to find a payment platform that offers all of the currencies you are looking for.

Q: How many online payment solutions exist?

A: This is a hard question to answer because new ones are popping up all the time. There are hundreds to choose from, which is why the concept of using one is daunting to people who are new to the world of online shopping.

Q: How do I choose the right one?

A: This is fairly simple. You can either go with the online payment solution your own friends and family use, or you can look for one that fits the following criteria:

  1. Offers easily accessible customer support through various channels (phone, email, chat, social media).
  2. Free to open and make payments/send money.
  3. Offers at least 20 currencies for international purchases and remittances.
  4. Accessible to at least 190 countries worldwide.
  5. Easy-to-use website and ewallet.
  6. Informative blog that keeps you educated about important topics, like internet security and product/service updates.

With the above criteria, you should find an excellent online payment solution you can use widely and for many different purposes, such as selling, sending and receiving money, invoicing, etc….

Q: Why is it a good idea to sign up for one?

A: It’s a great idea to sign up for an account with an online payment solution because they make online shopping very safe and convenient. Also, once you enter all your information, including credit card details, you never have to enter it in again. This will make the checkout process fast and seamless.

The only time you may have to re-enter anything is when updating outdated information, like an expired credit card.

Now that you have a better idea of what an online payment solution is, go out and find one that you can use in online stores and for sending/receiving money online.

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Do you want to learn even more about online payment solutions and ewallets? If so, click here to check out a post on the topic on payza.com’s blog.

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