Top 5 Universal Payment Methods

Countless consumers rely upon online payment services to perform day-to-day transactions. However, some payment methods have become more popular than others. It is therefore wise to examine why payment processors are essential. As well as some of the latest payments solutions for merchant accounts. Business owners can then make an informed decision at the appropriate time. 

Main Features a Payment Method Should Possess

User Friendly

What factors serve to define an effective payments solution? One key trait involves an intuitive user interface (UI). This will help to ensure a streamlined experience while ensuring a smooth conversion process.


Furthermore, online payment services must provide flexible settlement options. Direct bank transfers, credit card processing, support for e-wallets, and accurate currency exchange rates are some common examples. 


Additionally, a payment processor linked to merchant accounts should be augmented with cutting-edge security protocols. Two contemporary examples include SSL (Secure Sockets Layer) encryption and two-factor authentication. Ultimately, this prevents sensitive information from falling into the wrong hands. 


Finally, these services should offer regular upgrades and bug fixes as the need arises. This once again ensures a satisfactory overall experience. Such a trait will also reflect positively upon the business in question. 

Latest Payment Trends

Contactless Payments

Several trends have come to define the online payment services sector. One recent advancement involves the use of contactless payments within retail locations. However, other methods are set to dominate the industry.

P2P Transactions

Peer-to-peer (P2P) transactions are also becoming commonplace. In this instance, we are referring to popular e-wallets such as Neteller, Skrill, and PayPal. Some key benefits of theirs are ease of use, immediate settlements, and heightened security. 

Variable recurring payments

This is yet another interesting innovation. In this case, businesses can pay for a service in installments on behalf of the customer. The client will then settle the account within a predetermined period. Such a method can help to secure a sale. It may also be used as a means to increase B2C communication; helping to cement future transactions.

Cross-Border Payments

Finally, international payment processors are set to become even more prevalent. This arises from the fact that businesses are now marketing to a wide range of target demographics. Which enables them to cater to a global audience. Therefore, fast and rapid international fiat transactions have come to define many POS (point-of-sale) systems.

Top 5 Payment Methods Used Worldwide

Of course, some payments solutions are more popular than others. Most customers will choose a service based on convenience, reliability, and flexibility. Let us, therefore, take a look at the five most common transaction methods.

Digital Wallets

Digital wallets represent nearly 50% of all online transactions. Their user-friendly nature alongside the ability to immediately send international payments both serve to define this growing sector. Additionally, one-touch smartphone applications provide one-touch account access. 

Credit Cards

Of course, credit cards are still universally accepted by merchant accounts and consumers alike. Comprising just over 20% of online purchases, there is little doubt that cards such as Visa and MasterCard are here to stay. 

Debit Cards

Debit cards have likewise maintained their popularity over the years. This is likely because the associated mechanics are familiar to the majority of consumers. Furthermore, it is easy to monitor the balance of one’s account and avoid overdraft charges. 

Account-To-Account Payments

Account-to-account payments through the use of digital wallets illustrate yet another growing trend. The main advantage here is that most transactions will incur few additional transfer fees. Thus, customers can make the most out of their existing funds. 

Buy Now, Pay Later

Buy now, pay later (BNPL) processing is the final option from our list. BNPL methods allow consumers to pay for a product through installments (generally without any interest charges). BNPL provides the means to purchase items that might otherwise be impossible to obtain via a one-off transaction. 

How to Choose the Right Payment Method for Your Business?

So, how can business owners determine the most appropriate solution? It is first crucial to appreciate the volume of sales. Some payment processors are specifically designed to deal with bulk B2B and B2C transactions. 

Another metric involves ease of use. For instance, a credit card processing platform should be intuitively designed so that users will not encounter any problems. Otherwise, a sale may be lost. 

Other factors to address include monthly maintenance fees, scalability, online reputation, and feedback from real-world business owners. Objective opinions and practicality are always important. 

Of course, some processing solutions offer free trial periods. This can be an excellent way to gauge variables such as functionality and integration within an existing point-of-sale system. 


Online payment services represent the veritable backbones of many businesses. Therefore, choosing the most relevant solution should never be taken lightly. As these solutions are continuing to evolve, remaining ahead of the competition, by offering the latest payment methods is crucial. So, do not hesitate to refer back to this article for future guidance or inspiration when necessary.