APM (Alternative Payment Methods)
APMs offer customers flexible options beyond cards and cash, boosting convenience and business reach.
What is the APM?
APMs refer to any payment mode except a credit card, debit card, or cash payments. Some of the most popularly used alternative payment modes include mobile payments, bank transfers, prepaid cards, and e-Wallets. However, there are many other types of APM involving money orders and crypto-currencies. If you have not adopted alternative payments yet or thinking of expanding your current options, here’s why more customers are embracing APMs and the benefits your business
Key Benefits of APMs
01
Boosts Sales and Reach
APMs help tap into a wider customer base, driving more conversions and revenue.
02
Faster, Efficient Payments
Transactions are processed swiftly, improving checkout experience and customer satisfaction.
03
Improves Customer Retention
Offering preferred payment options keeps existing customers engaged and loyal.
04
Reduces Dependence on Traditional Banks
APMs offer flexibility and reduce reliance on conventional financial systems.
05
Minimizes Chargebacks
Secure alternative methods lower the risk of chargebacks and fraud.
06
Builds Customer Trust
Smooth, secure payments enhance the brand’s credibility and customer confidence.
Why Are APMs Important?
Alternative Payment Methods (APMs) provide convenience and choice, enabling customers to pay in ways that suit them. For merchants, offering a variety of payment options at checkout gives a competitive edge over businesses relying only on traditional payment methods.
When it comes to cross-border payments, APMs allow seamless transactions in markets where credit cards aren’t widely used, making them essential for global expansion. By supporting local payment preferences, you reach more customers and increase your conversion rate.
It takes effort to bring a customer to your website, and offering their preferred payment mode at checkout is key to closing the sale. Without APMs, you risk losing potential buyers right at the payment stage.
Types of APMs
Cash-Based Payments: Generate a barcode at checkout, pay in cash at a nearby retail point, and the order is processed after confirmation.
Real-Time Bank Transfers: Direct online payments from a customer’s bank account, ideal for immediate processing.
Direct Debit: Used for recurring billing, allowing merchants to pull funds from the customer’s account with prior consent.
Domestic Card Schemes: Operate like global cards but are accepted in specific regions, often with lower fees and better local market fit.
e-Wallets: Digital wallets funded by bank transfers or cards, used for online/offline and even peer-to-peer transactions.
Mobile Wallets: Store funds on mobile devices and enable payments via QR code, NFC, or SMS.
Pass-Through Wallets: Secure wallets that store card details and use tokenized numbers, ideal for secure, quick transactions without manual card entry.
Conclusion
Online purchasing is now a daily norm, making it essential for businesses to accept modern payment options. With BoxCharge, both merchants and customers enjoy smooth, secure, and flexible payment experiences.
Whether you’re a high-risk, low-risk, or mid-risk merchant, BoxCharge helps you embrace APMs easily and securely—creating a safer, smarter financial environment for your business to grow.