When you’re either buying or selling or selling, you require a method to exchange money for services and goods. Nowadays, you are able to make use of a variety of payment methods to complete transactions online.
Credit cards are the most commonly used method of payment. Credit cards permit you to draw funds from credit lines up to a limit. The bank receives the transaction every when you make a purchase using your credit card. The bank checks all the information and sends the authorization back to merchant. The merchant can then accept or decline the transaction.
Another method of payment that is very popular is an ACH (Automated Clearing House). These are electronic transfers that can take up to a week to process. These transfers can be international or domestic, and may require additional details such as the routing number.
Many people today find and purchase products through social media platforms. These platforms allow users to buy directly from brands through features like in-app checkouts and shoppable post.
The growing popularity of social media platforms has spurred companies to come up with other ways to enable online payments. These newer payment types include cryptocurrency and digital currencies which function similar to traditional currencies with the added benefit of anonymity and cryptographic verification. The rapid growth of these technologies highlights how the underlying infrastructures supporting online transactions are evolving and expanding into a new class of information called transactional.
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