Summary: A digital wallet must be reliable, affordable, and secure at best.
The process of moving money around the Internet can be quite risky if you don’t know what type of digital wallet to use. This guide is designed to help you better understand what types of qualities are best suited for an optimal digital wallet so you can transfer money with ease.
What is a Digital Wallet?
First off, a digital wallet is a type of software that allows users to move money around the Internet. Today’s digital wallets incorporate a security system that utilizes layers of encryption to ensure that every transaction that goes out remains private – otherwise known as tokenization.
The Qualities to Keep an Eye Out For
The best types of digital wallets that you can find are versatile in that they can handle any payment methods that you use. Now, in order to protect your investment, you want to prioritize security features. Remember, never consider yourself 100% safe when dealing with transferring money online – just like you wouldn’t with using a credit card swipe machine. Vendors should never be able to initiate any online credit card processing transactions without your permission. Your preferred digital wallet must have the latest security encryptions and reliability so you won’t have to undergo any fraudulent activity.
Comparison Shopping and Low Fees
Low fees are a no-brainer. By shopping around and checking the various fees, you can essentially compare and contrast from a list of different digital wallets. For instance, say you find a merchant account provider that boasts all the latest technologies for a digital wallet only to find that every transaction made will cost you a high percentage of the moving. Note that the whole “advanced technologies” aspect comes appealing until you see the small lettering that shows how much you’re paying for each transaction. Don’t just settle, shop around. There are a variety of merchant account providers like Charge.com that offer lower, and more affordable fees. After all, these fees tend to add up, especially if you’re taking on larger volumes of transaction.
The Mobility Aspect
The mobility aspect of a digital wallet should be considered as well. In this day and age, smartphones are utilized for nearly everything. You shouldn’t need to have a computer to make a transaction. Rather, digital wallets should have either an app at the very least, or a mobile-friendly site that offers all the functionalities that a desktop-site should. Keep this in mind, especially if you’re always on the go and rely on your smartphone. It would be relatively useless if you rarely have access to a PC.
Discounts and special offers are out there, contrary to what you might think. More digital wallets are partnering directly with retailers to ensure that they offer personalized discounts to customers that are using this direct payment method. Keep this in mind as you shop around.