Is the payment method that you are using acceptable? There are many of us who download a mobile payment app and discover that we cannot use it. There are even cryptocurrency wallets that we might download to sadly find out that we cannot get the funds out of our account as there is a minimum amount that is required for funds transfer.
Factors
The usefulness of an online payment system and the methods that the consumer will use is dependent upon what one plans to buy it with, such as if their funds are in that payment method account. Consequently, their mobile device must also be able to support the payment method application and have an internet connection that is strong enough. There are some retail stores and e-commerce websites that do not accept e-wallets though most accept credit/debit card payments.
Efficiency
There are payment transaction fees for the consumers but there are also those fees for payment gateways. Merchants who have virtual payment gateways for their sites do prefer those payment providers that have minimal fees as there are some that do have a lot of micropayments to process. The fees for micropayment transactions of the use of the payment infrastructure must be small enough as the transaction amounts might be only in pennies to below ten dollars.
Acceptability
There are new payment methods and payment instruments. The acceptability of these new methods and payment instruments is affected by the size of the amount of their user database. Traders will want to integrate the payment method and accept the new payment instruments if there is a sufficient amount of customers for them to make changes in their current payment system. A lot of site owners really do not think it is worth making the extra effort to make the necessary changes to get a new payment provider just to be able to accept certain payments.
Savings
When you want to save money on transaction fees, you first have to make sure that the payment method or payment instrument that you are using is accepted by the merchant. Even if you have a payment method with funds, if it is not accepted, you will be unable to make a payment transaction.
Reliability
As more trade is conducted over the net, the financial system will come to rely on the payment system infrastructure. As the commercial use of the internet grows, the consumer demands placed on payment services providers will grow, too. The payment system infrastructure as a whole has to be able to handle the rise in their database of users and online merchants with excellence.
Anonymity
For some payment transactions, the identity of the user who is sending the payment transaction might be anonymous. Though there are governments who want to be aware, it ought to no longer be possible to reveal a consumer spending patterns nor to be able to determine it by tracking the source of income. When the desire for anonymity is crucial, the value of using a payment method that can provide anonymity far outweighs the cost of the fees.