Alternative Payment Methods Integration with Virtual Pay
Alternative payment methods (APMs) are those methods that are not based on a direct exchange of cash
or payment with major credit card schemes such as Visa, MasterCard and American Express. Cash or
credit card are the most convenient ways to pay, but not everyone likes to use their credit card
online. For those who prefer alternatives to cash and credit cards, there are plenty of other
Prepaid cards, e-wallets, bank transfers, direct debit, and instant financing are all examples of
As a global payment solution provider, Virtual Pay customises integrations for different alternative
payment options depending on the merchant’s needs and priorities.
Goal: Increase Sales
The main goal of offering alternative payment options is to increase sales.
Millions of consumers don’t use credit cards or prefer to use their bank account to pay for goods
and services online. For example, an estimated 30 percent of Americans use alternatives to credit
cards. By providing trusted alternatives to prospective buyers, merchants add convenience and
familiarity to the shopping experience.
Examples of alternative payment methods
APMs include online cash payments. When checking out online, customers can choose electronic cash or
e-cash to make their payment. A barcode or unique reference number is then generated. In order to
pay in cash, the customer takes the printed receipt or the mobile device screen to a participating
retail location. Upon confirmation of payment, the merchant ships the goods.
Making a bank transfer is a familiar payment method for generations born before the year 2000. Online
banking makes this method more efficient and faster than before, when transfers used to take more
than three or four days.
Recurring payments create positive cash flow for businesses and individuals, saving merchants a lot
of time spent administering repeat payments on an individual basis. Direct debits work well
especially with subscriptions. Online streaming movie and music subscriptions, gymmemberships,
utility payments, magazine subscriptions and other repeating bills are examples of businesses which
require recurring payments.
Rather than manually chasing the payment process each month, the customer gives you a one-time
consent, and a charge will be automatically applied on an ongoing basis until the customer cancels
the subscription or the recurring payment plan expires.
Digital wallets have taken a strong position in the alternative online payments space. These types of
accounts are linked to bank accounts and credit cards for funding purposes. Digital wallets are
found in online financial exchanges like cryptocurrency exchanges or as standalone wallet accounts
for making secure, encrypted online payments. To make withdrawals from an online wallet, it’s
necessary to link to a bank account or credit card.
Virtual Pay is well-positioned to create customised cryptocurrency alternative payment solutions.
Part of the digital wallet segment, cryptocurrency wallets are used to store and transfer cryptos.
As cryptocurrencies become more accepted as means of payment, we’re likely to see more growth in the
alternative payment solutions linked to cryptos.
Over the years, Virtual Pay has built up strong relationships with a global network of acquiring
banks and payment institutions, increasing our capacity to offer the most flexible alternative
We are connected to institutions worldwide so that we can offer an all-in-one platform for you to
accept online payments and scale up on demand.
SEPA, SWIFT, IBAN Alternative Payments
Given our extensive network, Virtual Pay can help you go global and set up your merchant account with
customised SEPA, SWIFT and IBAN alternative payment methods.
We provide alternative payment integrations for five main sectors:
- Financial ServicesForex and other investment companies open merchant accounts with Virtual Pay because of our
reputation for handling large-scale transactions across geographic regions quickly and
- RetailersRetailers face the challenge of completing a sale as smoothly as possible to avoid cart
abandonment and lost revenue. Virtual Pay’s merchant account provides alternative payment
options to make sure you never lose a sale.
- HospitalityWhen it comes to making bookings and travel arrangements in the hospitality sector, we
understand that accepting and making payments follow a tight schedule. Virtual Pay is more
than up to the challenge, offering flexible and reliable alternative payment methods for
- ProfessionalsDoctors, lawyers and other professionals require a merchant account with varied methods of
accepting their fees and making payments. Virtual Pay’s approach is to offer customised
payment solutions that prioritise our merchants’ needs.
- EcommerceEcommerce is a fast-moving andfast-growing sector that requires a broad range of payment
solutions, including APMs. We’re ready to supply a seamless alternative payment integration
with your ecommerce platform to maximise sales and smooth transactions.
Our varied and expert merchant account integration services are implemented quickly and supported by
24/7 customer service. Contact us today and start your Virtual Pay experience!