Alternative Payment Methods for Payment Processing | CatalystPay

Payment Methods

Give your customers the freedom to pay on their terms

Get ahead of the competition and reach new customer segments by offering relevant payment methods at your checkout. CatalystPay makes it easy for you to accept payments from a variety of providers.

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Maximize Your E-commerce Revenue and Reach New Markets

Alongside traditional credit and debit cards, leverage alternative payment methods like prepaid cards, mobile payments and e-wallets to ensure your transactions are quick, easy and secure. Unlock your checkout full potential through the power of 'buy now pay later' options or take advantage of the growing trend in cryptocurrency payments. Expand your sales and revenue potential!

Frequently Asked Questions

  • What is an alternative payment method (APM)?

    An alternative payment method (APM) refers to a non-traditional or unconventional way of making transactions or payments that diverges from traditional methods like credit cards, debit cards, or cash. Alternative payment methods offer customers alternative ways to pay for goods and services, often leveraging digital technology and new financial solutions. These methods can include:

    1. E-Wallets: Electronic wallets, also known as e-wallets or digital wallets, allow users to store their payment information securely and make transactions digitally. Examples include PayPal, Apple Pay, Google Pay, and Alipay.

    2. Bank Transfers: Bank transfers enable customers to transfer funds directly from their bank accounts to merchants or other individuals. It can be done through online banking systems or mobile banking apps.

    3. Cryptocurrencies: Cryptocurrencies, such as Bitcoin or Ethereum, are decentralized digital currencies that enable peer-to-peer transactions through blockchain technology. They offer a secure and borderless method of payment.

    4. Mobile Payment Apps: Mobile payment apps enable users to make payments using their smartphones. These apps often link to a bank account or credit card and facilitate transactions through scanning QR codes or using near field communication (NFC) technology.

    5. Prepaid Cards: Prepaid cards are loaded with a specific amount of money in advance and can be used for purchases until the balance is depleted. They provide a convenient and secure alternative to traditional payment methods.
    Buy Now, Pay Later (BNPL): BNPL services allow customers to make purchases and defer the payment over time. These services offer installment plans or interest-free payment options, providing flexibility to consumers.

    6. Vouchers and Gift Cards: Vouchers and gift cards are alternative payment methods that involve using prepaid codes or cards with a specific monetary value. They can be redeemed for products or services at participating merchants.

    Alternative payment methods are gaining popularity due to their convenience, security, and flexibility. Merchants often integrate multiple alternative payment options to cater to a broader range of customer preferences and expand their customer base.
  • What is a card payment transaction?

    The term payment card includes credit cards, debit cards, and stored-value cards, as well as payment through any distinctive marks of a payment card (such as a credit card number). A payment card is issued under an agreement that provides standards and mechanisms for settling the transactions between a merchant acquiring bank and the providers who accept the cards as payment. A payment card transaction is the use of a credit or debit card to make payment for a sale of goods or services.
  • Which are the Card Associations / Networks?

    A card network (sometimes called a card association or the card brands) is an organization that facilitates payment card transactions. It regulates who, where, and how cards are used. The most popular card networks are Visa®, Mastercard®, American Express®, Discover®, China UnionPay®, and JCB®.

    Some card associations, such as Visa and Mastercard, partner with its members to perform different tasks throughout the payment lifecycle. For example:

    o Issuing banks issue credit or debit cards to qualified consumers. With these cards, consumers can make purchases at authorized merchant outlets.
    o Acquiring banks provide merchant accounts to qualified businesses. When a customer makes a purchase at a merchant, the acquiring bank collects the funds from the issuing bank and deposits them into the merchant account.

    Other card networks, such as American Express and Discover, have more independence. These networks predominately issue cards directly to cardholders without any assistance from Issuers. Likewise, some transactions are processed by acquirers, but the majority are processed by the network itself.
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