Monday, 22 June 2015

Online Payment Systems

Online transaction has been with us for some years now. In some countries - especially the first world countries they are highly embraced and used while for third world countries they are averagely used. There is a great variety of online payment options and each has its own features, advantages and disadvantages.

PayPal is a widely used online electronic payment system. With PayPal, money can be sent directly to one’s email account but a user must own a PayPal account in order to transact using PayPal. PayPal however is not for free, one has to pay a fee of $0.30 per transaction.

Jambo Pay is a popular online electronic card payment system that is used in Kenya. It accepts payments from merchant’s websites and customers can make payments using visa, master cards, M-pesa and Airtel Money. With Jambo Pay one can pay school fees, bills, till and tickets to events or air travel. It can also be used to receive donations from anywhere in the world.

Payment getaways have emerged in the last few years though its use has not been well embraced. This is mainly because they charge a high fee of between 2.5% to 5% depending on the payment method being used and the amount of money involved.

Mobile payments in Kenya is widely used especially the M-pesa services. You first need to own a safaricom sim card then an account with M-pesa. From there using the instructions that you will be given you can proceed and make payments for commodities or transfer money.

Credit cards are used in Kenya though by a small percentage of the population. This is because processing credit cards in Kenya has been a problem to most businesses plus most businesses do not accommodate credit card payments. Security checks on credit have to be done manually which is quite tedious.

PesaPal is the most used e-commerce platform in Kenya. However to use it, both customers and merchants should own a PesaPal account, in which registering with PesaPal is free. From here, merchants should ensure that they have maintained a PesaPal account on their website. Customers can then proceed to make payments for the purchase made and Merchants will be able to receive the fee. Shoppers are allowed to make payments using credit/debit cards, money transfers or mobile money transfers; how convenient can it get!

These are just but a few online payment systems present in Kenya. If you are a vendor, you should ensure your website allows clients to make payments online. This will not only get you more customers and ease your transaction, it will also help encourage Kenyan citizens to embrace e-commerce.

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