Online Payment Method - Phillipines

Razel Angelic Dela Cerna
September 24 2013

Payment Method – The way that a buyer chooses to compensate the seller of a good or service that is also acceptable to the seller. Typical payment methods used in a modern business context include cash, check, credit or debit card, money orders, bank tansfers and online payment services such as PayPal™. Payment methods
There are two types of payment methods; exchanging and provisioning.
• Exchanging is to change coin, money and banknote in terms of the price. Provisioning is to transfer money from one account to another. In this method, a third party must be involved. Credit card, debit card, money transfers, and recurring cash or ACH (Automated Clearing House) disbursements are all electronic payments methods. • Electronic payments technologies are magnetic stripe card, smartcard, contactless card and mobile handset. Mobile handset based payments are called mobile payments. Payment Methods (brief history) A payment is the transfer of money from one party (such as a person or company) to another A payment is usually made in exchange for the provision of goods, services or both, or to fulfill a legal obligation.
The simplest and oldest form of payment is barter, the exchange of one good or service for another. In the modern world, common means of payment by an individual include money, cheque, debit, credit, or bank transfer, and in trade such payments are frequently preceded by an invoice or result in a receipt. However, there are no arbitrary limits on the form a payment can take and thus in complex transactions between businesses, payments may take the form of stock or other more complicated arrangements.
In law, the payer is the party making a payment while the payee is the party receiving the payment.

Payment Method in the Philippines:
How you pay for an item depends on the payment methods accepted by the seller. Every seller is unique and offers different methods of payment. Read the item description before you bid to find out what methods the seller accepts. Most sellers accept PayPal because it transfers funds immediately and they don’t have to wait for funds to clear before shipping your item.
When choosing a payment method, look for options that are convenient, secure, and traceable in case of problems. Use the table below to compare payment methods.
• PayPal - Send payments instantly and securely to sellers in 190 markets and 19 currencies. - Advantages
Accepted globally: Shop on eBay and thousands of online stores worldwide
Secure: Your financial information is never shared with sellers
Fast: Receive your item faster with immediate payment
Convenient: No repeated entry of your card details each time you pay
Get peace of mind: PayPal Buyer Protection offered on most eBay sites for qualifying items
• Personal or Cashier's Cheques
- Advantages
Traceable to a particular mailing address.
Provides proof of payment.
Most banks offer a stop payment service if problems arise before the cheque is cashed. - Disadvantages
Sellers must wait for funds to clear.
Extremely difficult to recover in cases of fraud • Money Orders - Advantages
Traceable to a particular mailing address.
Provides proof of payment.
Some services offer the option to stop payment if problems arise before the payment is cashed, but you don't always have this option. - Disadvantages
Sellers must wait for funds to clear.
Extremely difficult to recover in cases of fraud. • Bank Deposit (Also known as bank or wire transfer) - Advantages
Payment is sent directly from one recognized bank account to another account.
Immediate and convenient.
Payment is deposited directly into the seller's account.
Disadvantages
Payment is difficult to recover in cases of fraud. Tip: If you are unsure about using this option, you can request the seller's contact information and verify that it is consistent with the information on the bank account.

• Bank Deposit Express - Sellers make their bank account information available to buyers through the listing process. When the listing closes the buyer can immediately view the bank account information and deposit payment. - Advantages Quick and easy payment method for transactions with other people in your country.
Deposit directly into the seller's bank account either online or at most banks.
Minimal or no bank fees involved. - Disadvantages Payment is difficult to recover or cancel. • Cash on Delivery (C.O.D.) - Have items delivered to you. The sender will take delivery of your payment and forward the seller the payment by money order or cheque.
- Advantage
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Easy to use