Digital payments have never been easier to do and harder to understand. Every major retailer and most minor ones will accept online payments whether you’re just buying for yourself or doing business, but the number of payment options out there is increasing every year. Each platform is specialized for a different use, so we’ve put together this guide to help you pick the right one for what you need.
The presiding ‘old man’ of online payments, PayPal is undisputed in terms of having the biggest reach and most widespread acceptance of all platforms. In certain industries like retail, it is often the middle-man for all of their payments, and for industries like online gambling, you’d have trouble finding a single large site that doesn’t accept it. It doesn’t matter if it’s a site for online roulette games, slots, or anything else; PayPal is near universal.
There’s a very good reason why PayPal is the most used digital payment platform out there: it’s basically everywhere. On top of that, PayPal is backed up by one of the most extensive and heavy-duty security systems in the world, so you know your crypto is safe with them.
While it’s far less of a household name than PayPal, CoinsPaid is already establishing itself as a serious player in some corners of the crypto world. By all estimates, they are the leading crypto payment platform in the world with over $800 million processed every month. While they have a personal crypto transfer system in place, it’s as a business platform that they have really made their mark.
Part of that is the ability to handle multiple major transactions each day while maintaining an incredibly low fee of 0.8%, in a market where the standard is often at 5% or more. Over 20 digital coins are accepted as well as over 40 fiat currencies, and they work with more business types than anyone else. With over a dozen business-related products and services, they certainly back up their claim of being a market leader for business crypto
A relatively new player in the online payment market, Dwolla describe itself as an A2A, or account-to-account, solution provider. Essentially, this means that they operate one of the most comprehensive digital wallet platforms focused on businesses, making them popular specialists in digital business payments even if that’s not all they do.
On top of all their services, which include facilitating government payments and recurring payments, it’s the integrations they’ve worked into their custom API that make them a business leader. Business owners can tie core software such as QuickBooks and Slack directly into Dwolla, meaning they can keep track of all their incoming and outgoing virtual payments in real-time.
There are plenty more platforms out there which cover all the gaps in between the above and add unique features not found in any of them. Make sure you always do plenty of research before you sign up!