Misconceptions about accepting online payments in the UK often stem from inaccurate media reports and lack of information. The UK has been very fast to embrace the Internet and e-commerce, but misinformation about cyber-payments is a common problem. It is important to be clear about how safe the Internet can be, and here are three common myths about accepting payments over the Internet.
Online payments are not secure: After all, these transactions are done over the Internet, so any transaction would be more likely to be part of an attack. However, they have a much lower risk of security breaches than traditional wire transfers.
Paper cash is a time waster: When transactions are made over the Internet, there is no need to go through the hassle of getting physical cash. Transactions are completed via electronic checks, so it doesn’t take long to complete and can also be done at work and at home.
Payments must be made immediately: There is nothing that says you can’t wait. While it may be faster for someone to just go to the bank, most bank tellers do not accept these transactions right away and may reject them because they are delayed.
We do not want to delay: Banks are very busy and would rather not handle the paper check transactions right away. If you do get to the bank, they will not accept the transaction until it has cleared.
Electronic or paper payments: Both have their advantages, and most major banks have both. Some have just the electronic payment option, and other major banks offer both options. You can use your choice, and in the UK there are a variety of ways to pay with an electronic check or an e-transfer.
We don’t like to pay: Using online payments saves time and costs money, and the majority of transactions are completed via electronic means. In fact, many people even find this easier to do than going to the bank. Not everyone likes to pay for things using checks, so finding a way to make payments is becoming a more popular thing.
We are not sure where to send it: Most online payments take place over the Internet, so we can send it right to someone’s address. There is no need to worry about payment information. In fact, a person should not have to run to the bank to pay for something if they don’t want to.
Online payments are safer than traditional methods: The reputation of traditional methods for processing a cash transfer is poor, and is the reason most people turn to the Internet for this type of transaction. With that said, it is still the most convenient way to pay, and most major retailers accept this form of payment.
Cash is bad: Cash is still a good idea for many transactions, as the government requires it, but transactions are now usually done via an electronic check. Though cash is still accepted, it is not as popular as it once was.
Electronic payments have a higher acceptance rate: The majority of transactions over the Internet are already processed electronically, so acceptance rates are much higher than what they are with paper checks. Those who are unfamiliar with transactions can still be assured that these are secure.
As you can see, there is a huge range of advantages to accepting payments online. Learn more about electronic check payments.