Different types of online payment platforms and how they vary

Peyton Hamel on | 3 min read

After a splurge of online shopping, how many different payment platforms have you seen and not recognized? As of 2021, over a dozen online payment platforms have emerged and continued to exist as a popular and convenient function of online checkouts.

The variety seen at different online checkouts can be overwhelming. Even now, new platforms are arising in order to make online shopping more fluid and user friendly. They typically offer a variety of services such as account creation, funding source linking, payment processing, dispute resolution, and buyer protection.

There are several online payment platforms available in the market, some of the most popular include:

  1. PayPal –A widely used platform that offers quick and secure payment platforms on a business and interpersonal level.

  2. Stripe – A payment platform that provides a comprehensive suite of tools for businesses to process payments, manage subscriptions, and handle disputes.

  3. Square – A platform that provides point-of-sale (POS) solutions for businesses, including card readers, payment processing, and invoicing.

  4. Apple Pay – A mobile payment solution developed by Apple that allows for secure, contactless payments using any of their mobile products like an iPhone, iPad, or Apple Watch.

  5. Google Pay – A digital wallet platform produced by Google that enables users to securely store their payment information and make payments using their Android device.

  6. Amazon Pay –An online payment payment solution via Amazon that allows customers to utilize their Amazon account information to make payments on other websites associated with them. Subscribing Amazon users generally have more benefits.

  7. Authorize.Net – A payment platform that provides secure payment processing services for business, including recurring billing, fraud protection, and virtual terminal solutions.

These are just a few of the many online payment platforms available in the market. The choice of platform depends on various factors, including the type of business or personal affair, the size of transactions, and the level of security and functionality required. Overall, there is great success with online payment platforms because they make for a smooth customer experience.

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