The best alternative payment methods to bank accounts

About 15% of all Americans find themselves denied having traditional bank accounts each year. But what do you do if you have paychecks to cash in and money to save up? There are a few alternative payment methods that you can use instead of traditional banking institutions.

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Online payment providers

If you have an account with an online payment provider, then you can pretty much do anything that a traditional bank account offers as well. The only difference is that you won’t have to go to a physical bank to make any of your transactions. What’s more, having these accounts make it easier and less expensive for you to send and receive an online payment. You can even use your payment provider to make online payments just by inputting the email address attached to your account.

Choosing the right payment provider

Deciding what payment provider to use is crucial. You may decide to choose the older ones that have only one method of payment. There is this payment provider that has the advanced payment solutions. It has solved the common problems of using those older payment methods as it enables you to send an unlimited amount of payment transactions for free when using their peer-to-peer app. The right payment provider uses a secure payment method that enables you to pay with ease.

Prepaid debit cards

Prepaid debit cards are easy to get and can be used by even those who have bad credit. You won’t need to submit a mountain of paperwork for you to have one. Also, you can deposit your checks straight into your prepaid card through any bank since they come with a unique account number along with getting the card. You can also use it just like any other debit card which means that you can get cash out of an ATM or use it to make online purchases.

Preferring mobile payments 

There are reasons why people prefer making mobile payments to include their lack of credit card history. It is way easier to get the application for an online payment provider account approved. There are areas in the world that have the payment infrastructure in place for mobile payments. For the millions who are into online shopping, it is necessary to have a payment method to be able to purchase.

Traditional banking institutions

Going to a traditional bank to make a payment transaction might make you use an inefficient method that will take a lot of time. You might end up having to wait in line to pay for a bil or to do other transactions. When you make an online payment, it gets rid of those lines.

Mobile payment apps

Most people own a mobile device that has the capacity to download mobile payment apps. Those who are very comfortable with mobile technology and the use of the Internet do use online payment methods more frequently. The ones that are used to making financial transactions using traditional banking methods and frequently credit cards are more inclined to stick with what they are familiar with.