Finance | Personal Finance

The 5 Best Ways to Pay by Electronic Check Online Shopping

Online shopping has become the most popular method of shopping across the world. Numerous online shops have emerged in the recent past. More and more of these online shops are expected to enter the market. 

The most popular online shops include Amazon, eBay, Etsy.com, Craiglist.com, Target.com, and Walmart.com, among others. These shops really very much on the internet to carry on their activities. Almost all online shops support pay by electronic check online shopping. The most used gadgets to access these shops through the internet are smartphones.

You can also use Computers and tablets. What happens is that the online shops advertise themselves across the most popular social networks such as Facebook, Twitter, and blogs to get known by the potential customers. The customers browse the shop’s websites to find the products of their wish. You, as the customer, can choose pay on delivery or pay online. Most of these shops prefer to pay online methods. 

How do I make payments for online shopping?

Ways to Pay by Electronic Check Online Shopping

There exist several online payment methods. Payments by use of electronic checks are secure and convenient. Electronic checks are also called e-checks. With electronic checks, all personal and financial data is secured to protect it from hackers. They are end-to-end encrypted. All transactions follow set standards across the United States of America and the world in particular. It is important to note that electronic checks are equivalent to paper checks. The only difference is that they are not tangible.

E-checks work just the same as the paper check. Only that operation takes place across the internet. For you to use e-checks to pay for online shopping, you must produce your name and contact information. You should elaborate on the type of bank account and give the routing number which is commonly known as the American Banking Association number, and lastly your account number.

Your name and contact information must be precisely the same as they appear on your bank account for the transaction to succeed. It takes two to four days for e-check processing to complete and funds transferred out of your account. Despite making such days, it is still faster than paper checks which take longer.

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What is an online checking account?

An online checking account is simply an account that you can manage using the internet. You can access your account by use of a phone, tablet or computer. You can make payments for online shopping and pay bills. Most online checking accounts are tied to the regular bank accounts so that you can access your money at an ATM point, at a branch or online.

Statistics show that online banking is becoming more popular among the youth. Soon, very many people will prefer to shop online with checking account as people have become very busy nowadays. It proves very cumbersome to visit a bank and queue for hours to withdraw a few notes for shopping. Tellers might be left with only a little work to do. Again, online checking accounts have taken online shopping to another level by providing credit lines.

Which online shopping sites offer credit lines?

You might be wondering what credit lines are. A credit line, also known as a line of credit is a revolving credit agreement to allow you to make withdrawals up to a specific limit. If you use a credit line, there is some interest you are supposed to pay.

Some online shops allow you to apply for instant credit within the shortest time possible. You are then able to make your purchases whether groceries, stock, or any other commodity you may wish to have. You then pay later within a given duration, mostly 1-3 months. 

Let us look at online shopping sites with credit lines. 

1) Lend you

Lend you is an online shopping site that connects you with lenders. You can borrow money to shop and pay later. The maximum amount Lend you can allow you to acquire is $1000. The approvals are done instantly upon submitting your request. You can get the money in your account the following business day. 

2) Midnight Velvet

Midnight Velvet is an online fashion shop. If you wish to make your wardrobe look good but have no money at hand, Midnight Velvet is here for you. They allow you to buy and pay later. If you fail to pay within the stipulated time, then you are forced to pay the borrowed money with some interest.  

3) Fingerhut

Fingerhut is a general online storeThey sell items ranging from foodstuff to furniture and fashion. Despite being an online shop, you can also pay for your items at specific locations. The good thing about them is that they don’t bother about your credit score. They believe in fairness. They have what they call Freshstart loan. However, you are required to pay a down payment before purchasing your item. They require a deposit of $30.

4) LeaseVille

You can get all the things you need, such as electronics, fashion, foodstuff, furniture and many more here. This online shopping company allows a lease to own option. They do a thorough check on your income history to help them decide whether you qualify for a credit line. You must earn at least $1000 per month to be eligible for their credit.

You should also have worked at the current workplace for at least six months, have a long term disability, or you are self-employed. Moreover, you should have an account with them that must be active for at least three months. 

5) Monroe and Main

Monroe and Main make fashion sales online. They have both male and female attire and have credit lines. To access their credit line, you must apply for Monroe and Main credit card. You must be able to pay back within the given time. You are charged an extra fee if you pay past the stipulated period.

What are the five best ways to pay by electronic check for online shopping?

There are several ways you can use to pay by electronic check while doing online shopping. The five most popular methods include; PayPal, Google Wallet, Skrill, Payoneer, 2checkout, and Payza. We have discussed their details below.

i) PayPal

PayPal is an American online money transfer company. The company started in 1998. Its headquarters are in California. It operates worldwide and has partnered with several other companies to make its services more accessible. It is one of the best ways to pay bills electronically. PayPal can serve as an alternative to traditional paper checks. The company charges some fee to facilitate online shopping and other transactions. 

ii) Google Wallet

Google Wallet is another way of doing online checking. With Google Wallet, you can send money from your bank account to any email address without any charges. It means that you can purchase an item even overseas and pay via Google Wallet, have the merchandise shipped and receive it even without meeting personally with the seller.

You are charged a 2.9 percent fee over the total transaction amount. It is important to note that the online store must accept the payment option before you make any attempt to transfer any amount of money. Not all stores accept Google Wallet, but the majority does. It is safe and secure.

iii) Skrill

This payment method is one of the latest online checking companies. Skrill headquarters are in the United Kingdom. With Skrill, you can transfer money from one person to another with ease. It explains why you can use Skrill to buy clothes, cars, furniture, utensils, and many others from far away online stores and pay the billing with a click.

The company charges $0.1 for money transfer. Not all online shops accept Skrill. Where they allow, you are free to transact remotely and acquire items you desire anytime you wish. Skrill has an option for online gambling as well.

iv) Payza

Payza is a beautiful online checking the app. It mostly operates best on smartphones and tablets. With Payza, you can transfer money for free from your account to another person’s bank account. You can link Payza with your credit card and bank easily. The company charges fees for exchanging currencies. 

v) 2checkout

2checkout is an online checking platform. It supports multiple languages across the globe. It allows you to select the best speech you understand, unlike many others which prefer the English language only. 2checkout supports 87 currencies making it more convenient to merchants from diverse origins. Transaction fees vary from country to country.

For instance, when in the United States of America, you pay 2.9% of the transaction amount plus $0.30. So now you can decide whether to use 2checkout or not. However, ensure that your favorite store accepts transactions through them.

Bottom line

The above electronic checking ways have improved the living standards of many people around the world. Many people can buy whatever they like by just a single tap on their gadgets. Moreover, it is now secure to hold large amounts electronically, unlike during the early times when you could walk around with cash.

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