Alternative Payment Methods (APMs): Expand Your Payment Options, Expand Your Business

Alternative Payment Methods (APMs) are transforming the way businesses handle global transactions. As consumers seek more convenient, localized, and diverse ways to pay, businesses that adapt to these demands will be best positioned to thrive. APMs are payment solutions that go beyond traditional credit cards and bank transfers, encompassing options like e-wallets, mobile payments, cash pickups, and vouchers. By offering APMs, you provide your customers with flexibility, enhance their payment experience, and grow your business globally.

What Are Alternative Payment Methods (APMs)?

APMs refer to any payment methods that are not traditional credit or debit cards. These methods are typically country-specific, offering local payment solutions that cater to the preferences of customers in different regions.

• Receiving Funds: APMs used for receiving payments include local wallet solutions, mobile payments, and voucher systems. Examples include iDEAL in the Netherlands, OXXO in Mexico, M-PESA in Africa, and Alipay in China.
• Payout Funds: When it comes to payouts, APMs provide beneficiaries with options beyond traditional bank transfers. These methods allow individuals to receive funds without needing a bank account, including cash pickups, GCash in the Philippines, M-PESA in Africa, Interac in Canada, PayPal, and prepaid cards.

Why Are Alternative Payment Methods Important?

The rise of globalization has made offering diverse payment options essential. Customers today demand a variety of payment methods that suit their preferences, which means businesses must adapt. By integrating APMs, you can directly cater to international audiencesand provide a seamless experience to beneficiaries around the world.

Types of Alternative Payment Methods

1. Local Wallet Solutions

• Digital wallets like Apple Pay, Google Pay, PayPal, and Venmo allow customers to make secure and fast payments using stored information, making transactions easy and reliable.

2. Bank Transfers and Cash Pickups

• In regions like Europe and Asia, bank transfers remain a popular method due to high trust in traditional banking systems. Cash pickups also provide a convenient way for individuals without bank accounts to access funds.

3. Mobile Payments and E-wallets

• Mobile-based payment solutions, including M-PESA and GCash, allow customers to complete payments directly from their phones. These are especially popular in developing economies where mobile banking is widely used

4. Buy Now, Pay Later (BNPL)

• BNPL solutions such as Klarna and Afterpay give customers the flexibility to pay for purchases in installments, making it easier for them to make larger purchases without immediate financial burden.

Benefits of Offering Alternative Payment Methods (APMs)

1. Increased Reach

• Global Accessibility: By offering APMs, businesses can cater to a wider range of global customers, providing them with their preferred local payment methods, which in turn helps drive sales and market penetration.

2. Diverse Options for Payment Solutions

• Variety of Payment Methods: APMs encompass e-wallets, mobile payments, cash, and local voucher solutions, providing flexibility to meet the preferences of different customers in varying regions.

3. Enhanced Customer Experience

• Improved User Satisfaction: Offering diverse payment choices improves the user experience, reducing cart abandonment and increasing customer retention rates.

4. Seamless Payment Integration

• With i-payout’s open API, users can easily integrate APMs without heavy lifting. This integration ensures a smooth transaction process while alleviating the burden of managing multiple payment methods and meeting local compliance requirements.

Pay-In Option: Local Payment Solutions

• Complete Purchases with Local Payment Methods: With the Pay-In Option, customers can conveniently complete purchases or pay for memberships using local payment methods, making transactions easier and more attractive. This feature enables you to reach more customers globally and provide them with the convenience they expect.
• Seamless Payment Integration: The Pay-In Option combines payment acceptance, processing, and currency conversion into a single, user-friendly terminal.
• Pay in Local Currency: Customers can make payments in their local currency, which simplifies the transaction process and makes it more appealing for them.

Advantages of Pay-In Option for Your Business

1. Simplifies Global Payments

• Bypass traditional banking inefficiencies, reduce costs, and enhance transaction speed. i-payout’s automated compliance and data analytics offer greater insight, simplifying global payment management.

2. Access to Global Markets

• By offering local payment methods, you can expand your market reach, delivering seamless transactions to customers worldwide and improving sales conversions.

3. No Barriers to Entry

• APMs offer businesses the flexibility to enter new regions and serve more customers with minimal setup or changes to payment infrastructure.

Fully Integrated with i-payout

With i-payout’s open API, you can easily enable APMs. i-payout’s checkout feature integrates all payment options into a single system, giving customers the flexibility to choose their preferred method. This fully integrated solution alleviates the burden of managing multiple payment methods and allows you to focus on your business’s growth. Billing can be done in either local currency or USD, and transparent reporting on payment statuses is provided for enhanced control and visibility.

Unlock Global Opportunities with Alternative Payment Methods (APMs)

APMs are essential for businesses looking to expand into new regions and provide a seamless customer experience. By offering flexible, localized payment solutions, you can significantly increase your customer base, drive higher satisfaction rates, and boost sales. i-payout simplifies the integration of APMs, giving you a compliant and user-friendly platform to manage all your payment needs globally.

Expand Your Payment Options with Alternative Payment Methods

Ready to offer your customers more ways to pay? Fill out the form below to connect with our team and start integrating Alternative Payment Methods (APMs) into your business. Let’s get you started today!