Vocabulary Practice: Different Payment Types in E-Commerce

Read the text again and answer the questions below.

E-commerce is a booming industry, full of innovation. Therefore, it’s vital to make an effort and keep your business up to date with all novelties, including various payment types. After all, wouldn’t your top notch site and high ranking go to waste if you weren’t able to receive money from all potential customers?

There are several types of payments you need to be familiar with when running an e-commerce business. First of all, credit cards and debit cards have become one of the most popular forms of payment for e-commerce transactions. Due to their widespread use, it would be extremely difficult for a business to survive without supporting them. But how do these payment cards differ? A credit card allows the cardholder to pay for goods based on the promise to pay for them later. A debit card provides the cardholder with electronic access to his or her bank account. However, many consumers still feel uneasy about giving their card information. That’s why supporting payments by direct bank transfer may prove to be a wise decision.

Apart from card-based solutions, other payment types have emerged during the years, sometimes becoming market leaders. Consider supporting digital wallets, electronic devices and programs facilitating digital payments without presenting a physical card or cash. Digital wallets include device-based digital wallets, such as smartphones, and internet-based digital wallets, such as Apple Pay, Google Wallet or PayPal.

Finally, consider supporting Bitcoin payments, a cheap alternative for online payments. This system introduces the first digital currency, called the “bitcoin”. It eliminates central authority and middlemen, in other words banks. From the user’s perspective Bitcoin is the cash of the internet.

Vocabulary Practice: Different Payment Types in E-Commerce