Although this movement started years ago, the lockdown imposed by Coronavirus has pushed more and more people online, and to fulfil all their needs online. Nowadays, almost everything can be bought online, from groceries to medical supplies to illegal substances. You just need to know where to look, but one thing brings all online purchases together: payment.
To buy something online, you of course need to pay, and people will not pay through an unreliable system. Therefore, both buyers and sellers need payment methods to be secure, or their potential to sell or buy is compromised. In this article, we will take a look at why secure payments are so important.
Having secure payment methods is imperative for any online market. With unreliable payment methods, scams would run rife and legitimate businesses would be unable to operate, and customers would not be able to tell the difference between what is a scam and what is a real product and seller.
A legitimate payment method resolves all these problems. A system where people can get refunded if they are scammed, where scammers are more easy to identify and where sellers are sure to receive the money for whatever they are selling is a system that works properly, and all it needs to function is a reliable payment method.
How online businesses work
Online businesses are open to much larger customer base than a physical shop, and they are open constantly. There also are not any employees but rather a live chat to support you, or some other form of communicating with customer care. An online business works in almost the opposite way of a real store: people look through themselves, check themselves out and receive their product with no human interaction at all.
This is a very viable business plan that many companies employ but they heavily rely on secure payment methods that work properly. Customers need to be certain that they will receive their product and that their money will go through or they will not buy anything.
Other online businesses do not sell a product though, and for websites such as the best casinos or sports betting sites, the legitimate payment method is even more crucial. Gamblers deposit and withdraw considerable sums of money every day, and the payment method that they make these deposits and withdrawals needs to work all of the time with absolutely no exceptions. Just one malfunction would be enough for any gambler to leave that website and join another, it is just not worth the risk.
What are the most reliable payment methods?
In general, payment methods that ask you to verify your identity through another device (your phone or you bank security key), then you can be quite confident that it is legitimate. You still need to be cautious but if you have to go through a page from your bank after putting your card in, it should be safe and reliable.
Paypal is a payment method you will come across quite often because it is implemented in lots of countries across the world. There are two ways of making and receiving payments on Paypal: friends and family or goods and services.
Goods and services is always what you should use when buying or selling something to a stranger. It is easy to get a refund through this and you should be very suspicious of anyone who asks for the friends and family system. That way, it is far more difficult to receive a refund if it is a scam, and you will have to bear the consequences.