Set Up Multiple Payment Options

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But, you can’t just pick a random combination of sales channels. It must depend on a lot of factors. For instance, it will mostly depend on what you’re selling and where your customers like to shop. Other factors that will influence your choice of sales channel include what other businesses in your industry do and the cost you’ll incur for selling on a particular sales channel.

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All eCommerce payments happen on the Internet, but it doesn’t necessarily mean that they all happen in the same way. Debit and credit cards, digital wallets, bank transfers, and BNPL (buy now, pay later) are some of the most popular eCommerce payment methods. Some businesses may also offer cash on delivery (COD), prepaid cards, and even allow you to make payments via cryptocurrency.

Now that you know about the types of eCommerce payments, let’s see how these singapore phone number list payment methods work. An easy way to summarise it is that there are three elements involved in the process. These are payment gateways, processors, and merchant accounts.

Payment gateways are the bridge between your website and payment processor. Your customers will enter their payment information here. Payment processors pick this information, verify whether the customer has funds, and send the money to your merchant account. Once the payment is processed, your merchant account will receive the money.