Overview of common Payment Methods
The large selection of payment methods allows customers to choose from a wide range of payment options. We would like to introduce you to some of these payment methods.
The “Automated Clearing House” network enables customers in the US to transfer funds from their bank account to US-based accounts. Merchant must provide the account number and bank code for customers in order to be able to make the payment from the customer’s bank account
Payment method
Bank Transfer
Accepted currency
USD
Area of use
USA
Direct debit payments on the ACH network enable companies to withdraw funds from their US customers by requesting customer account information and authorization to debit the customer’s bank account.
Payment method
Direct debit
Accepted currency
USD
Area of use
USA
Alipay e-wallet owners can pay online as well as on their mobile phones by logging in with their access data or directly using the Alipay app. It is a popular e-wallet in China and there are over 450M active users.
Payment method
E-Wallet
Accepted Currency
USD, EUR, GBP, CAD, AUD, SGD, HKD, JPY, NZD
Area of use
China
Apple Pay is a payment system from the US company Apple. It was launched in the United States in October 2014. The payment system works using Near Field Communication (NFC) in combination with a wallet. With iPhone, iPad or Apple Watch, customers can use saved data to make payments.
Payment method
Card
Accepted currency
USD, GBP, EUR, AUD, CHF, HKD, SGD
Area of use
Anywhere Apple Pay is supported
Bancontact is a leading payment method in Belgium, where it accounts for around 1/3 of all online transactions. The Bancontact payments are authenticated by customers and then immediately confirmed by companies.
Payment method
Online Money Transfer
Accepted currency
EUR
Area of use
Belgium
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Credit cards are issued by banks and allow customers to borrow money with a promised grace period and no additional fees. If the money is not paid back, customers may incur debts, which then also earn interest.
Payment method
Card
Accepted currency
135+
Area of use
Worldwide
EPS is an Austrian online payment method with a market share of approx. 18%. It is accepted by up to 80% of online businesses in Austria and was developed in cooperation with Austrian banks and the government.
Payment method
Online Money Transfer
Accepted currency
EUR
Area of use
Austria
Financial Process Exchange (FPX) is a popular payment method in Malaysia that allows customers to conduct online transactions using their bank credentials. When paying, customers are forwarded to their online banking environment, where they have to carry out the two-step authorization. The exact process varies from bank to bank.
Payment method
Online Money Transfer
Accepted currency
MYR
Area of use
Malaysia
Since 2006, giropay has allowed customers of most savings and cooperative banks in Germany to make payments online via their online banking interface. This is a payment method based on online banking, makes up a little less than 10% of online payments.
Payment method
Online Money Transfer
Accepted currency
EUR
Area of use
Germany
Customers can use the payment methods saved in their Google account to complete the payment. Google Pay works in native Android apps as well as on the Internet across all mobile and desktop devices.
Payment method
Card
Accepted currency
USD, GBP, EUR, AUD, CHF, HKD, SGD, NZD
Area of use
Everywhere that Google Pay is supported
iDeal is the most popular online payment method in the Netherlands, accounting for almost 55% of all online payments. iDeal allows online payments to be made using customers’ bank credentials.
Payment method
Online Money Transfer
Accepted currency
EUR
Area of use
Netherlands
Klarna is a Swedish payment provider headquartered in Stockholm. “Pay later”, “Pay now”, “Installment purchase” are the 3 main functions that are most frequently used by customers.
Payment method
Open invoice
Accepted currency
EUR, DKK, NOK, SEK, GBP, USD
Area of use
Austria, Denmark, Finland, Germany, Norway, Sweden, Netherlands, Great Britain, USA
Multibanco is a cross-bank network in Portugal that connects the ATMs of 27 Portuguese banks. In 1985 it enabled its customers to pay through its ATMs. Today customers can either pay this way or via online banking.
Payment method
Online Money Transfer
Accepted currency
EUR
Area of use
Portugal
Przelewy24 is an authenticated direct debit from Poland. With P24, consumers can pay for online transactions by making direct transfers online from their bank account.
Payment method
Online Money Transfer
Accepted currency
PLN
Area of use
Poland
The Single Euro Payments Area (SEPA) is an initiative of the European Union to simplify direct debits within and between member states. In order to be able to debit a bank account, stores must receive the name and the bank account details in the form of the IBAN. As part of the confirmation of payment, buyers must accept a mandate that authorizes the business to debit the account.
Payment method
Direct debit
Accepted currency
EUR
Area of use
France, Germany, Spain, Belgium, Netherlands, Luxembourg, Italy, Portugal, Austria, Ireland
WeChat Pay, the payment solution within the WeChat app, has more than 800 million users. Customers from China can use WeChat Pay to pay for goods and services in apps or on websites.
Payment method
E-Wallet
Accepted currency
GBP, HKD, USD, JPY, CAD, AUD, EUR, SGD
Area of use
China
Overview of common