Credit and debit cards
allow you to get the payment confirmation immediately.
Besides, they have a wide global presence.
However, according to the 2016 Fraud Report
, credit card fraud represents 41 to 63 percent of payment fraud across all merchant categories. Direct debit
allows e-commerce multi vendor platforms to collect payments from the customers
who provide their bank account details and authorize a virtual shopping marketplace to debit them.
It's not the most obvious payment option for e-commerce since the payment is confirmed with a delay and can take up to 5 business days. Digital payment systems
enable lower risks and transaction costs, since the method allows customers to store and use money online, and they don't need to enter their card details every time. Besides, the risk of fraud is reduced
since payments are authenticated with the customer's login credentials, and the payment disputes are quite rare.
However, it suits individual consumers and has the limits for large transaction amounts.
means no risk for customers to lose money in case of any issues with delivery or product quality.
Besides, it's an option in the regions with the prevalence of cash usage.
It makes the sellers vulnerable if a customer returns a product without paying for delivery. Thus, you need to establish transparent delivery and return conditions.