Payment Method
The payment method is the method a buyer chooses to compensate the seller of a good or service that is also acceptable to the seller. In a typical business context, traditional payment forms include cash, cheques, credit or debit cards and internet banking.
Different Payment Methods
Cash
Cash is a method of payment and is commonly used for physical items and cash-on-delivery. Paying with cash involves several risks, such as no guarantee of a real sale during a delivery, and theft.
Cheques
These are ordered from the account of the customer. In fact, they are paper documents that the customer filled out and sends to the seller. The vendor sends the cheque to their bank, the bank records the payment, and the money is withdrawn from the buyer’s account a few days later. Cheques are seen as relatively slow and somewhat outdated with the growing movement towards quick payment. (Payments types, 2020).
Payment by cards (Credit, Debit and Prepaid cards)
Payment by cards are the most common way for customers to pay online. Merchants can reach out to an international market with cards, by integrating a payment gateway into their business.
Mobile Payments
A popular payment method in countries with low credit card and banking penetration, mobile payments offer a quick solution for customers to purchase on ecommerce websites.
Bank Transfer
A bank transfer is where money is shifted from one bank account to the next. Transferring money from your bank account is typically fast, free and safer than cash withdrawals and payments.
Bank Transfers made using Faster Payments will sometimes be received immediately after leaving your account, but can sometimes take up to 2 hours.
Internet Banking
Internet banking is a program which provides the customer with the facility to execute financial and non-financial transactions from his banking account. Using a website or online application, the user can transfer funds from his account into other accounts of the same bank / different bank. For financial transactions the consumer uses an electronic device such as laptop, computer or smart phone and the internet.
PayPal
PayPal runs an automated payment system globally that allows direct money transfers and acts as an electronic solution to conventional paper forms such as checks and money orders.
My.T money (prepaid subscription to telecom)
My.T money is an innovative mobile wallet provided by Mauritius Telecom. It is currently available in Mauritius. It features exciting ways to handle your money. It is used for mobile payments across a large network of retailers, effects Mauritius Telecom bill payments, conveniently transfers money to other users of my.t service, share bills with contacts controls on sub-accounts connected to the main account.
When you use My.T money as a method of payment for online shopping, you get up to 30% discount on next payment.
MCB Juice
MCB Juice is a mobile banking app created by MCB (Mauritius Commercial Bank) which is currently a popular method of payment in Mauritius. It allows you to check the balance of your account, transfer money, manage your cards, refill your mobile phone, pay bills and do more, anywhere, anytime.
Automatic, Manual and External platform payment methods in Ecommerce
Automatic means all the payments are done and processed through the ecommerce website where as payment through manual and external systems are done separately and the payment status is manually updated on the backend by the website administrator.
Automatic
-PayPal
-my.t money (prepaid subscription to telecom)
Manual
-Cheque
-Bank transfer
External platforms
-Internet Banking (through internet banking portal)
-MCB Juice (through MCB mobile application)
-Mobile Payments
