How many types of Payment Methods are there?

07 Apr 2022 By PAYCEC

There are 4 main types of payment methods. They are credit/debit card payment, banking transfers with SEPA, cryptocurrency, and digital wallets such as Apple pay, Google pay, Paypal.

1. Credit card payments

PayCEC’s payment gateway offers merchant accounts to accept credit and debit cards from buyers worldwide to not only enhance the seamless process of customer payment acceptance anytime, anywhere, on any device, but also increase the competitive advantages of your business, and skyrocket your sales.

2. SEPA transfer acceptance

PayCEC offers SEPA Transfers Acceptance, which will harmonize the payment acquiring process for businesses from around the world, particularly startups and SMEs by offering seamless and secure digital banking transactions.

If you are a global business, you rely heavily on frictionless payment processing within the SEPA zone, including:

  • 27 Member States of the European Union (EU): Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.
  • 6 non-EEA countries, to which the geographical scope has been extended: Andorra, Monaco, San Marino, Switzerland, United Kingdom, Vatican City State, Saint-Pierre-et-Miquelon, Guernsey, Jersey, Isle of Man.
  • 3 countries of the European Economic Area (EEA): Liechtenstein, Iceland, and Norway.

PayCEC launched its ready-made SEPA online payment method in October 2021 that enables merchants to access SEPA without any intermediary bank. Besides, PayCEC’s SEPA payment gateway fee is considered cost-efficient as it is lower than international bank transfers.

You can do business with confidence because PayCEC’s SEPA online payment method offers SCA (Strong Customer Authentication) for extra fraud protection, ensuring the safety and security of payments. Furthermore, PayCEC’s SEPA payment gateway also transfers customers' data to SSL-encrypted, which means the address starts with https:// rather than http:// to guarantees a secure connection.

With PayCEC’s SEPA payment gateway, start collecting payments within the eurozone is so easy.

3. Crypto payment gateway

Since the “Bitcoin boom” in December 2017, cryptocurrencies have been making noise across the world. Now, crypto payments are already accepted in PayCEC’s payment gateway.

PayCEC’s crypto payment gateway is a licensed Money Services Business (MSB) that allows businesses to deal in Virtual currencies, Foreign exchange dealing, and Money transferring.

List of documents required to start accepting digital currency payment by cryptocurrency:

  • Incorporation certificate. The document depicts the most important factors of business formation. It usually includes the corporation's legal address, name, and type.
  • Incumbency certificate (or equivalent). The document contains information on the company's owners, including their names and positions.
  • Copies of all company owners and officers' passports with their signatures. The scanned copies of the passports of the directors and officers.
  • Application. It's usually a web form on a PSP's website.
  • The record of processing. The requirements for different PSPs are different. High-risk business owners, on the other hand, must always give at least six months of processing history.
  • License. Attach a license granted by the appropriate body in your country.
  • Turnover. Clarify your turnover amount so the payment processor can link you to the best bank for you.

4. E-wallet

​​An e-wallet is an emerging trend that offers a completely new shopping experience. E-wallets are gaining in popularity at an alarming rate.

Both merchants and customers must sign up for E-Wallets. They can withdraw or deposit money after setting up an e-wallet account and linking it to their bank account.

With an e-wallet, the entire process is simple and quick. E-wallets, which are considered a sophisticated and instant digital payment method, can be coupled with mobile wallets using advanced features such as NFC.

Customer information, as well as various credit/debit cards and bank accounts, are stored in prepaid e-wallet accounts. It only requires a single registration and avoids the need to re-enter information each time you make a payment.

Have other questions?

If you need further assistance or answer, please don't hesitate to contact us.

Have other questions?

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We are honored to serve as your reliable business partner and financial service provider in the industry and other business-related services. With the help of our professional staff, to help merchants to achieve their goals for the development and expansion of the international business market.

Our payment flow has developed in the e-commerce world to perform seamlessly and effectively across all platforms and devices. We take pleasure in combining technology with customer service, to solve your concerns at the moment.

PayCEC is a fully worldwide payment network that not only allows merchants to be paid immediately and securely, but also allows them to withdraw money in multiple currencies to their company accounts.

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