It is estimated that 82% of Americans now use digital payment methods. Cash is no longer the king and people want easier and more secure methods to make their transactions. But what are the options available?

There are several different choices available to customers and merchants. Read on as we give our essential digital payment methods. 

Digital Wallets

Digital wallets are pre-paid accounts. They keep stored funds that you can use to make purchases. Most point-of-sale systems now allow people to pay using digital wallets. 

One other advantage is the high level of security they offer. As no data is stored on the merchant’s servers, it becomes harder for fraudsters to intercept the data. 


Paypal has been the leader in online payment processing for some time. Its business application is a great tool when you are starting an online store. Two of its payment processing options also have no fees or sign-up payments. 

However, Paypal does have its limits. If you want recurring billing then you have to pay for the $30 a month package. 

Virtual Credit Cards

Virtual credit cards work by giving you a temporary number to use online. Using these disposable numbers protects your real account numbers from being intercepted online. They comprise a card number, expiry date, and security code. 

When you look at your account statement, it will read as if you have used your regular card. You can learn more about them at https://bentoforbusiness.com/features/virtual-debit-cards/

Apple Pay

Apple Pay is one of the most convenient payment methods for consumers. It allows you to load it up with cash from a bank account and store multiple cards. However, the feature that made it is the contactless payment feature that can be used via the mobile application. 

As a merchant, you need to have an NFC-enabled terminal reader to use Apple Pay. These can be costly, so many merchants tend to avoid them.

ACH and Bank Transfers

Several mobile applications let you do ACH payments, many of which are provided by host banks. They work over an electronic computer network, making the transaction fast and processing cost-free.

Accepting ACH costs less than credit and debit cards. However, the process takes a little time and may not be suitable for physical sales stores. 


Cryptocurrency is a relatively new way to pay. While many people do not accept it because of the small market, some major vendors have begun to adopt it. If you have the right target demographic, it may be worth considering. 

One of its advantages is that it is very secure. No data gets stored on merchant servers because of its decentralized operation method. Chargebacks can also not take place using this method, making it attractive to many merchants. 

Using Digital Payment Methods

Now you know these digital payment methods, you can begin to decide which is best for you. As a merchant or consumer, you have several choices to make. Work out the costs and see what makes the most sense. 

If you found this article helpful, we have many more to assist. From payments to investments, we can help your business grow in the coming year.