In 2011, the UN declared internet access a human right that all governments must ensure. This shows the great importance that the web has gained in the daily life of human beings to be able to carry out various tasks, including studying, communicating and carrying out online transactions such as payments and requests to banks or businesses.
From the 90s to the present, we have witnessed the unstoppable evolution of technology, which allows us to receive products manufactured in another continent in just days, or send documents, money and information in just seconds.
These platforms have been key to the development of world economies and have built bridges of exchange between businesses from different countries for the development of their businesses and industries.
One of the most important aspects of the internet is that it allows the use of various platforms to handle, send and collect money quickly and safely. We are talking about transactional portals that since they were installed have completely changed the way in which banks and financial institutions work worldwide.
What is a transactional portal?
It is a web platform that has all the security standards so that money is sent and received.
What can be done through a transactional portal?
Every day these portals receive improvements and new tools to make the lives of users and sellers easier. However, elementary transactional portals allow users to:
- Make payments for public or private services
It allows making payments through a web page or app, avoiding going to offices and queuing. This openness has made it possible to streamline processes and release the bureaucratic burden of paying in a physical place. - Transfer money to other accounts
Transactional portals allow you to send monetary resources to other bank accounts. In this way, time and resources are also saved to queue in offices, and the handling of high amounts of cash is avoided, a latent threat to the safety of workers and clients of the entities. - Buying online
Every day more companies are betting on selling online and delivering their products through a shipping and logistics service. Selling online has become the safest way to go global and has allowed the connection between talents and ideas worldwide. - Check movements
One of the great comforts that transactional portals give customers is the opportunity to check their movements and be very clear about what has been done in their account. In this way, the user can be more clear about the expenses and income generated to their account, as well as any inconvenience with respect to the security of their financial products. Thus, customers can see: purchases made, cash withdrawals at ATMs, payments for public and private services, alerts about unknown or suspicious movements. - Check balances
The transactional portals show the balance of the accounts in real time. In this way, users can plan their budget and know how much money they have, either on debit or credit cards. - Interbank transfers
In the past, it was necessary to go to a bank office to make transfers between banks. Now, transactional portals offer this service. It is not usually immediate and can take between 24 and 48 hours depending on the security standards of each entity, but it allows users to save time and money in their movements.
Online payment methods
Thanks to the exponential growth of online commerce, developers have been pushed to create more forms of payment through the web.
It is no longer about simple pages to transfer money. Now we see applications to transfer money with just one phone number. This has allowed many startups and new businesses to grow and offer their clients more options when it comes to paying.
Having an online payment method gives businesses a better position against the competition, since customers will feel more calm and secure when using fast payment methods. Plus, it’s a greener and more sustainable way to reduce unnecessary paper use.
The most popular online payment methods today are:
- Payment gateways
Payment gateways are service providers included in the websites of the stores that allow users to make their payments in a secure and transparent way. Through validation processes between entities and technical support, they provide a secure connection between the e-commerce and the final buyer, giving a wide variety of options: credit cards, debit cards, payments at bank correspondents and more. - Credit or debit cards
This payment method was born in 1914 when the Western Union company offered a card only to its most select customers. With it, not only could they enjoy preferential treatment, they also had a line of credit free of charge. It can be a plastic card with a magnetic stripe, a microchip, and an embossed number. It is issued by a bank or financial institution that authorizes the person to use it as a means of payment in the businesses attached to the system, by signing and displaying the card. Although they have been with us for a long time, they are still one of the preferred payment methods for users and businesses. How does it work? At the time of online purchase, the payment gateway asks the buyer for the necessary card details. Next, it sends the information to the card issuing entity, which accepts or rejects the operation and reports the status of the transaction. - Bank transfers
They are not that popular because they take more time (especially between entities). However, they are a known options of making payments. Among their advantages we see that the money can be received in advance and they entail a low cost for the trade. Among their disadvantages: they usually take more than 24 hours to become effective, delaying the purchase processes and there is a risk that the buyer will not make the payment. - Smartphone payments
They have become very popular in recent years. They require an NFC (Near Field Communication) system, such as contactless, in which it is necessary that both the customer and the seller have NFC-enabled devices. Or MST systems (Magnetic Secure Transmission), in which it is only necessary to configure the data of a card in an app. - Cryptocurrencies
The best known is Bitcoin and they can be used to carry out any type of transaction, purchase or money transfer. The great advantage of payments in cryptocurrencies is that they have great security thanks to cryptographic algorithms that allow transfers to not be reversed and remain anonymous (it is not known who made the transaction, from where it was made or who received it). It is based on Blockchain technology and eliminates the figure of the intermediary. Although it has not become popular since it depends on servers and more specialized technology, it is expected that, in the not too distant future, cryptocurrencies will be a global payment model and available throughout the world. - Electronic wallets
This is one of the most important trends in current E-Commerce that seeks to improve the user experience in a comprehensive and secure way. When using the service, the user is asked if they want to leave their data in our wallet for future purchases, thus speeding up and optimizing their next experience. Among its benefits we find:- Decrease in thefts, since there will not be as much cash.
- Immediate availability of money.
- More security when making transactions.
- Decrease in transaction costs.
- Time saving.
The internet is more than a reality, it has already become a fundamental part of our daily life and without its facilities we would not be able to fulfill many of our obligations.
Today more than ever, with the health emergency we are experiencing due to the Covid-19 coronavirus, online operations are booming and offering users a fluid and positive experience is crucial for businesses. We live days full of uncertainty and we must, whenever possible, provide clients with the peace of mind of being able to comply with payments and activities as normally as possible.
Online payments allow store and business owners to streamline their processes, offer more services and focus on the well-being of their customers, allowing them to save time and energy. Both can be part of a more technological, agile and efficient gear while using greener and more sustainable ways of buying and selling.