In 2019, global online retail sales hit the 3 trillion-dollar mark. In 2020, e-retail became a lifeline for millions of people navigating lockdowns. Businesses throughout the world have had to rethink their business models and make their goods and services available through an online portal. 2020 saw eCommerce grow by approximately 44% in the US alone. Backing up these ecommerce ventures are reliable electronic payment providers.
Luckily for retailers and consumers, there have been incredible technological advancements in e-payment methods, and there are robust security systems in place that protect every transaction. If you’re still wary of making online payments, we think its time to put those fears aside. In this article, we’re going to talk you through some of the safest and most convenient electronic payment methods available to you.
An eCheck is the electronic version of a paper check. When paying with an eCheck, your funds are taken directly from your bank account as a one-off payment. You will need to provide bank details, such as your account number, routing number, and the name associated with the account to your eCheck provider in order to facilitate the payment. EChecks can be used at a huge array of online service providers and retailers, including online casinos.
How Casino Players Benefit from eCheck
ECheck casinos are rapidly growing in popularity – it’s easy to find a trusted review site that explains how casinos that accept eChecks offer gamblers a safe and convenient way to make deposits without having to disclose sensitive financial information on the casino’s website. The only downside for casino players is that eChecks cannot be used for withdrawals. However, if you wish to pay your utility bills online, or make travel arrangements, or pay for services, an eCheck is an excellent option.
An eWallet provider acts as a middleman between your bank and whichever service/goods you wish to pay for online. There are several reputable and reliable eWallets on the market, such as PayPal, Skrill, and Neteller, and they are widely accepted. As a consumer, all you have to do is sign up for an eWallet account and then connect said account with your bank account or credit cards. Whenever you wish to make a payment, all you need to do is select your eWallet provider as your payment method, and then enter your password to confirm the transaction. Using an eWallet means you don’t have to disclose your bank or credit card details every time you make a payment online. By using an eWallet, you are adding an extra layer of safety to every online transaction.
Virtual Credit Cards
A virtual credit card works in a similar fashion to a pre-paid credit card. The main difference is that a pre-paid (or debit) card can be used for numerous payments whereas a virtual credit card can only be used for one payment. In both cases, the user can only use the funds associated with the card, which means that if the details of the card were to be stolen, the fraudster would not be able to rack up credit debt. A virtual card is created by your bank via a computer algorithm that generates a random selection of numbers. These numbers are your virtual ‘credit card’ numbers and can be used in place of your actual credit card to make a safe and secure one-time payment.
Biometric payments represent the very latest in electronic payment technology. A biometric payment requires biometric authentication to facilitate a payment. The most common form of biometric payment is via fingerprint. As a user, you will need to scan your fingerprint to make a payment rather than your credit card. Biometric payments are mainly used as a POS (point of sale) payment rather than an online payment method. However, mobile phone payment providers are incorporating biometric authentication as an extra layer of safety for mobile payments.
The system is not without controversy, many people don’t like the idea of having their fingerprints included in a database that could easily be made available to law enforcement agencies without their consent. Payment providers offering biometric payments insist that no such information is kept on the database. The initial fingerprint scan is converted into a set of numbers. Each time your fingerprint is scanned, the pattern is again converted into numbers and the service provider recognises those numbers rather than the fingerprint itself. It sounds more complicated than it is. Essentially it comes down to numbers, just like it does with a credit card. But rather than have to carry a credit card around with you, all you need to do is scan your finger. The added security is a huge bonus, and it is sure to help increase the popularity of biometric payments in the long run.