Alternative Payment Methods You Should Know About

People like to shop and buy things or services every day, and you will not be able to avoid times when you see something you want to buy but then realize that you do not have any cash with you. Some people do not like to carry around cash with them because it is too much of a hassle.

To avoid passing on things that you want to get because you forgot to bring some cash, there are other methods you can use. There are other options to make your payments. Here are some of the ways:

Mobile Wallets and Online Billings

One of the most common methods that you can do is the use of mobile wallets. It is a virtual wallet that you can use for payment anywhere you go. The first thing that you must do is download a mobile wallet application and link your bank account. If you like shopping from several stores, make sure that the application you will download caters to stores you are buying products from. The application will generate QR code or a pin that you will present upon the payments of your items.

The store will scan the QR code, and it will receive the money from the items. If you are a merchant, you can use a telco and digital merchant platform to handle your payments. Managing a large scale of payment coming in and out of your inventory will be hard, but this will make it more manageable for you.

Bank Transfers

You can also make use of bank transfers to make your payment. All you have to do is download an application dedicated to accounts of your bank, register your card, and you are ready to do bank transfers. Having the application for your ATM card is convenient because you only need to fill out bank details of the person you are trying to pay.

The payment will directly go to the other person’s account without the need to meet in person. This is also an easier way to keep track of your account. Each bank works differently so it is important you compare online banks.

Bitcoins

Payments through bitcoins are also becoming a common alternative for payment. You must set-up your bitcoin account and buy coins for your wallet. You can even buy bitcoin with credit card for convenience. Bitcoin payments are beneficial because there will be no additional banking fees when you make the payment. You can also use it to make any payments to anyone around the world because it is accessible anywhere with an internet connection.

Alternative payment methods are not only useful to the consumers, but also the sellers. You can save your time and you can also consolidate your expenses because the applications save a record of every transaction you do on your mobile phone or laptop. There will be no need to go from one place to another place so you can give your payments. This is also convenient when you are paying your utility bills because you do not need to fall in line and wait for a long time to pay.