Which payment methods can I use? (2024)

FAQs

What are the payment methods you can use? ›

Payment methods are number of ways in which individuals transfer money to merchants or businesses when they pay for goods and services. These methods include cash, credit / debit cards, bank transfers, mobile payments and digital wallets.

Your choice of payment method should align with your financial goals. If you're looking to build credit, a credit card is a good option, but if you're trying to avoid debt, a debit card or cash might be better.

In general, credit and debit cards are the most widely used payment method.

Personal and Cashier's Checks

Besides cash, a certified cashier's check is the most secure way to accept payment during a private sale.

Despite the rise of digital payment methods, the majority of consumers in North America still use credit and debit cards as their primary means of payment when shopping online.

Cards are still the most-used payment method, with American Express, Mastercard, Visa as large global card schemes. Even though they're recognized globally, other payment methods like online banking, direct debit, digital wallets, or Buy Now Pay Later (BNPL) are more common elsewhere.

What is the best online payment system? ›

Contactless payments

Credit and debit cards that have near-field communication (NFC) technology. Mobile wallets, like Apple and Samsung Pay.

What are the three main types of payment options? The three most common types of payment in today's market are credit cards, debit cards, and cash. Credit and debit card transactions involve fees paid by merchants to the card companies, but they tend to involve larger purchase amounts than cash transactions.

A payment can be made in the form of cash, check, wire transfer, credit card, or debit card. More modern methods of payment types leverage the Internet and digital platforms.

The most famous ones are PayPal, Apple Pay and Google Pay. The basic functionality of these payment apps tends to be similar. You load them with funds from your bank account and/or receive funds from other sources. You then use these funds to make purchases and/or transfer them to your bank account.