Multiple Payment Options for Consumers

Multiple Payment Options for Consumers

Multiple Payment Options for Consumers

Consumers have more options than ever when paying for goods or services. With the continuing expansion of Internet services and increasing online sales, consumers are looking for payment options that are not only convenient, but secure. Consumers are relying less on paper and in the not too distant future paying by cash or check may be a thing of the past.

When credit becomes difficult to obtain, consumers look for creative, non-credit ways to pay for their purchases. In addition to multiple online payment options, renewed interest in old standbys, like 'same-as-cash' installment plans, gain an audience during times of recession. And even with lenders cracking down, lowering credit limits and raising interest rates, consumers aren't likely to give up their credit cards any time soon.

Prepaid Credit Cards

An option that has become increasingly popular are the prepaid credit cards. For people who can't qualify for a credit card or just don't want to add more debt to an already stretched budget, a prepaid credit card is the perfect solution. Technically not a credit card; there is no credit element to a prepaid card. The credit limit is based on the amount of funds deposited to the account. People can't run up additional debt or ever go over the limit.

Online Options

EBillme - Appealing to consumers who prefer the security of not entering detailed information over the web, EBillme allows purchases to be made directly through an online banking account. A credit card number or checking account number is never required.

Bill Me Later - Offered by approximately 1,000 retailers, Bill Me Later authorizes or denies credit within seconds - based on each transaction and your good credit. Consumers enter their name, address, birth date and last four digits of their SSN. The consumer is sent a bill, which is either due on a certain date or can be paid in installments, sometimes interest-free, over a specified period.

Billeo - The account information for a Billeo account is stored on the consumer's computer and accessed through a downloaded toolbar. A user can go to the toolbar to pay merchants who accept Billeo by automatically linking to bill payment pages.

ShopText - A mobile service that allows a registered consumer to text a message code word attached to a product that would then be shipped without placing a call.

PayPal - Consumers can pay for merchandise by bank account or credit card on any PayPal merchant site, and their financial data are not revealed to the merchant. Anyone else may use credit cards on PayPal sites; however, their financial data are sent to the merchant.

EBillPlace - Instead of being sent to your home mailbox, eBills are delivered to the websites of companies who you do business with and will contain all of the same information you're used to seeing on your paper bills. Once you have signed up to receive an eBill, you can turn off your paper bill and streamline your bill paying routine. Plus, eBills can be printed or filed online for record-keeping, if necessary.

The success of newer payment options will depend on how well they are accepted by merchants and consumers. But no matter how you choose to pay for your purchases or your living expenses, there's a convenient way that matches your lifestyle.

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