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Alternative payments, also known as Other
payment methods refer to payment methods that are used as an alternative to
cash payments, but over the years, credit cards have been added to that list.
So alternative payments refer to payment methods aside from the use of cash and
credit cards. Most means of alternative payments has been developed either for
electronic commerce or to address a domestic economy.
The increasing number of alternative payments
has grown exponentially in the last few years due to increased security, for
fear of credit card usage online. Several other billing solutions have been
brought forward for web-based merchants and other merchants as well, to be able
to accept alternative payments online and also to have access to distant
markets.
Currently, alternative payment options are
used throughout Europe, North America, and Asia, and have a penetration level
of over 62% in various countries.
The most common alternative payment methods are money orders, Prepaid cards, charge cards, direct debit, bank transfers, digital wallets, checks, debit cards, phone and mobile payments such as sms payments e.t.c. I will be giving a brief insight into each of these payment methods below.
Charge cards
A charge card is an alternative payment method
issued to people, and it provides for direct debiting payment method. i.e., it
allows for the cardholder to make purchases that are paid by the card issuer.
The holder becomes indebted to the card issuer and generally has a deadline to
repay the money at the due date often at the end of the month.
The difference between a charge card and a
credit card is that charge cards are issued without spending limits, unlike
credit cards that have credit limits. Also, the company that issued the charge
card does not collect interest on… Read More
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