What are the payment methods?
There are usually three payment methods for purchases in brick-and-mortar stores. In addition to payment in cash, these are the EC card and the credit card. However, those who choose to buy online have far more options in this respect to pay for the ordered goods. Accordingly, an order can theoretically be legally brought into one’s own possession with 9 popular and relatively common payment methods. What these are will be examined in more detail below.
The classics – direct debit, invoice and cash on delivery
Without a doubt, the invoice is the most convenient and secure method of payment for customers. With it they have mostly 2 weeks time, in order to pay for the commodity. Invoices are only counted once the product has been received, so that consumers have sufficient time to check the quality in detail. Since payment is not made until the goods are in the customer’s possession, the latter bears no risk.
The situation is similar for the cash on delivery payment method. Here, customers pay for the goods in cash when they hand them over to the letter carrier, who is usually DHL, Hermes or the driver of another logistics company. Again, consumers avoid payment before receiving the goods.
If payment is made by direct debit, the customer also has little hassle, as the value of the goods is debited from the account. If it is a reputable store that handles sensitive bank data with confidence, this payment method is also not problematic. Depending on the delivery time, however, it can happen that the goods are not in the customer’s possession until after the direct debit.
Quick order processing thanks to PayPal and Co.
When ordering online, customers have the chance to speed up delivery by using a fast payment method. PayPal is a good example of this, as the amount is instructed there quickly and forwarded to the payee’s account more quickly. The goods are therefore also shipped more quickly. Similarly, this is the case with Sofort. Here, payment can be made as a bank transfer without being forwarded to the company’s own bank using a TAN or PIN procedure. This is fast. If customers pay for their order by credit card, they are trusting a payment method that grants them credit. In addition to the associated opportunity to buy products that cannot be afforded when paying in cash, for example, consumers benefit from relatively fast order processing.
The advance payment method requires a great deal of trust
Some online stores still require advance payment – especially for new customers. This means that the money has to be transferred first and the store only sends out the goods afterwards. Customers must place a great deal of trust in the store to ensure that it really does act honestly.
If consumers have their order delivered to a local store, they have other payment methods to choose from. For example, they can pay for the products in cash or opt to pay with the debit card they have received from their bank.
The most popular payment methods at a glance
Accordingly, consumers have a wide range of options for paying for goods. In addition to true classics, these are relatively new methods that have certainly not yet found favor with every consumer.
- Direct debit
- Cash on delivery
- Credit card
- EC card
All payment methods mentioned here are not offered by every store. Some only offer a selection, others grant their customers the “luxury” of being able to choose between almost all of them.
- Payment Processing
- Marketplace & Affiliates
- Automated Invoicing
- Membership & Subscriptions
- MOTO & Pay-by-link
- Instant Plugins
- Payment Processing