Instant payments can be done online between accounts in a number of different ways to make it the most convenient for you. All you have to do is to choose one kind of payment transaction and go from there. But which among the online payment methods is the best one for you?
Here are the different ways you can make instant payments:
Using credit cards to pay between your accounts is probably one of the most popular methods out there. Not only is this simpler to use, but if you have a major credit card like a Visa or MasterCard, then it is accepted in most online businesses out there. This option is popular as most websites accommodate online credit card payment.
Unlike credit cards, which buy now and pay later, debit cards enable you to make a purchase by drawing the funds directly from your bank account to the merchant. This is a simple way to buy what you need online instantly without having to think about paying for it later.
Another fast way you can make an online payment is through a bank transfer. This works pretty much like a debit card would but without the use of a card. This enables you to transfer money from your account to another with the additional peace of mind because of the financial institutions’ secure payment services. However, this can sometimes take a bit more time than using a debit card would.
Online Banking Payments
This method is highly secure and won’t require you to give out any personal information or account numbers. Online banking payments direct you to the merchant’s bank site where you can just log in and approve the charges to be made. Once you do so, the funds will get transferred directly from your bank to the merchant’s bank.
Online payment services
Using payment services is another great way to make instant payments between accounts online. Having accounts like Paypal can help you pay for online shopping with funds that you already have online without having to go through your bank.
Bitcoin or cryptocurrencies
Paying for your online purchases using bitcoin or other types of cryptocurrencies has been gaining popularity in the past few years. It is a great way to make a purchase without having to give any of your sensitive account information. All you will need is to have a bitcoin wallet that you can access to send your payment through this kind of advanced payment solution.
This is a fairly new way to make instant payments between accounts that are gaining in popularity in many countries already. Instead of making the payment through your bank account, you can pay through your mobile service provider. It works like a credit card in the sense that you will get billed for your purchase but it will come through your phone bill. This makes for easier online mobile shopping since you won’t have to put in any personal information to the merchant’s apps.
Electronic check or ACH
This method of instant payment draws the funds from your checking account without the need for paper checks. This allows you to be able to transfer the funds from your bank website to the person or merchant that you are paying. However, you will have to put in certain information like your account number, the check’s routing number, and other details for the eCheck to go through.