Different Type Of Payment Methods [Detail Guide]

Different Type Of Payment Methods [Detail Guide]

Written by Deepak Bhagat, In Business, Published On
March 26, 2021
Last modified on December 21st, 2021

Historically, in Belarusian online stores or on web resources where it is possible to accept payments on the site, you can make payment in just a few ways – in cash, by bank transfer to an account, remotely through ERIP, bank cards, electronic money on the site.

In this article, we will take a closer look at all the options for accepting payments, as well as the advantages and disadvantages of each for business owners. But before that, it should be noted that most of the listed methods will be remote. This is due to the following factors, which are typical not only for Belarus:

An increase in the share of purchases “here and now” – impulsive purchases are very easy to make if it is possible to make a payment right at the same moment;

Expanding the geography of customer coverage – the more payment options, along with the possibility of prompt delivery, the more customers from different cities and countries;

Increase in customer loyalty – convenient payment and delivery have a positive effect on the dynamics of customer loyalty growth;

Legislative aspect – Belarusian legislation obliges all online stores to provide at least one remote payment option;

Legal security – remote payment does not legally infringe on the rights of buyers, because in the legislation of the Republic of Belarus, rights and obligations are not delimited by the method of making a payment, and there is no significant difference between online and offline purchases.

Different Types Of Payment Methods –

Cash payment – Widely Used Payment Method

cash payment

The most familiar and proven way of paying for goods or services is payable upon receipt. The main reasons for this are – distrust of new technologies, the convenience of such a payment method, no alternative in certain cases.

Benefits of paying in cash:

Instant receipt of money – unlike remote methods, the seller receives money immediately, and it can be immediately put into circulation. This has a positive effect on liquidity and reduces the possibility of a cash gap;

You cannot decline the payment – when you receive money, you recalculate it and accept the payment. With cards, there may be problems with payment rejections for various reasons, which ultimately can lead to the loss of a client. There is no such problem when paying in cash;

Simplicity – no need to organize technical support or negotiate with payment services or banks;

No commissions – there are no losses for sellers that arise, for example, when paying with a bank card, using ERIP or electronic money, etc.

Disadvantages of this Cash Payment Method:

Low security – it is necessary to organize the transportation of funds by couriers, monitor its safe storage;

Increased control – you need constant control, recalculation of money upon receipt, verification of authenticity, etc.

Cash on delivery(Types Of Payment Method)

cash on delivery

A fairly popular option, which is chosen mainly in cases where it is difficult to implement delivery to the buyer using a courier service. The buyer pays after the fact for the already delivered purchase in a convenient Belfast office. Many online stores do not work with cash on delivery or work only on 100% prepayment, and BelPochta is used only as a delivery service for purchases. This is due to the fact that there are certain inconveniences for business when dealing with cash on delivery – loss or damage to the goods during delivery, cases of non-payment by the buyer of the goods, and their return back to the seller (and this is extra time and money), the length of time waiting for the receipt of money from the sale, etc., etc.

Payment by bank transfer

Payment by bank transfer

Not the most common e-commerce payment method. It is characteristic only for those companies and sellers that work in the b2b field, that is, they sell goods or services for another business.

Among the advantages it is worth noting:

High security – bank transfer is carried out as a direct payment from the buyer’s current account to the seller’s current account;

The complexity of the return of payment – if an erroneous payment was made or there were problems with the receipt of goods, then the payment can be revoked only with the consent of the seller, as well as through the court;

No commission for sellers and suppliers of goods or services.

Of the minuses, the following can be distinguished:

Payment terms – transfers between Belarusian banks take on average 1 day, between resident and non-resident banks 2-3 days;

The inconvenience of processing – if you transfer not through a current account, then you need to make a payment through a bank and fill out a payment order, which takes additional time;

Commission for the buyer – depending on the conditions, it can be 1% or more. This increases the cost of the purchased product and reduces the attractiveness of paying in this way.

Acceptance of ERIP payments on the website

The ERIP system (AIS “Ratchet”) was developed by the National Bank of the Republic of Belarus in 2008 in order to solve the problem of prompt and reliable remote payment on the Internet for individuals and legal entities in Belarus. During its existence, the service has developed greatly, and now through the ERIP system, you can pay for almost any goods and services (more than 58 thousand suppliers of services and goods), which can generally be paid remotely in Belarus.

ERIP system shortcomings:

Locality – ERIP is an excellent solution if you work only in Belarus. If you plan to accept payments from other countries, you need to connect additional payment methods;

The convenience of payment – the payment procedure in the ERIP system itself is not always clear and obvious for buyers, especially for those who rarely use the system;

No multicurrency – all payments are accepted only in the national currency of the Republic of Belarus.

Acceptance of payments by bank cards

bank debit cards

Globally, payment with bank cards can be made in two ways. The first is when the buyer pays the courier through the terminal for the delivery of the goods after the fact. The second is direct payment on the website through a special form called Internet acquiring.

Benefits of paying with cards:

The popularity of cards – bank cards are not an indicator of luxury. And the more cardholders there are, the more payments they make, including online;

The simplicity of payments – for payment, you only need to enter the payment card details themselves and confirm the procedure using SMS verification. The whole process takes literally 1-2 minutes;

Speed of money transfer – online payments using bank cards are carried out and confirmed literally instantly;

Globality of payment – bank cards of international payment systems are accepted everywhere, connecting online payment with cards on your website, the whole world becomes your potential customers;

Availability of recurring payments – you can easily set up recurring (repeated) payments, as well as automatic debiting of funds from cards for services provided by the seller.

The disadvantages of paying with cards are:

Fight against fraudsters – serious measures are required to ensure security and combat various types of fraudulent transactions;

Distrust of buyers – your website should inspire the trust of potential customers, many are afraid to pay and be deceived;

The complexity of the connection – organizing the acceptance of payments on the site is not a one-day task and requires a number of technical improvements and further control;

Commission from payments – all commissions when paying with cards are borne exclusively by sellers (suppliers of goods and services). Each successful transaction is a commission in the region of 3%, which every business owner should take into account when selling goods;

Payment can be challenged – in case of deception, loss, or non-delivery of goods, its discrepancy, and other force majeure situations, the buyer can carry out a refund procedure.

Acceptance of payments by electronic money

electronic money

Although electronic money appeared in the Republic of Belarus for a long time, payment with it has not yet become widespread. This is largely due to the fact that, although electronic money is legally equated to real money, there are legislative aspects that leave an imprint on the full-fledged operation of a business with this payment method.

Advantages of accepting electronic money:

Payment security – the buyer’s consent is required to make a payment. Ensuring security falls entirely on the electronic system itself;

Instant execution – instant transfer of electronic money to the seller’s account;

No chargeback – payments cannot be revoked. Returns for any reason are only possible with the permission of the service or product provider.

There are much more disadvantages:

problems with accepting from non – residents – Belarusian electronic money systems are not popular abroad, therefore, it is difficult for foreign buyers to use them;

Limited use – a business can use electronic means of payment only to pay tax, you cannot even transfer them between legal entities;

Replenishment of the wallet is required – before paying by electronic means, it is necessary to replenish the wallet itself, and this is an additional action of the buyer;

Difficulty with conversion – legal entities cannot perform operations of converting some electronic money into others, this is available only to individuals;

Lack of anonymity – relatively recently, a ban was introduced on anonymous e-wallets in Belarus, which significantly reduced the scale of their use and attractiveness for individuals.

The most popular electronic systems in Belarus and in the world are:

Electronic money Webmoney from the Russian system, which came to Belarus in 2005 and in partnership with TechnoBank, which acts as a guarantor in the territory of the Republic of Belarus, launched an analog of Belarusian money WMB. At the moment it is worth noting that none of the Belarusian payment aggregators work with WMB from WebMoney;

YuMoney –

Image Credit – https://telegraf.by/

Yandex has officially been present in Belarus since 2011. Offers Belarusian customers the opportunity to create a wallet for electronic money (the equivalent of the Belarusian ruble), which have not received much distribution in the country and are accepted for payment in a few online stores;

Qiwi –

Image Credit – beyond2015.org


Electronic money Qiwi, which the company of the same name from Russia tried to promote in Belarus in partnership with Priorbank, but this initiative did not receive much development;

Paypal –

Image Credit – bizwatchnigeria.ng

Payment system Paypal is one of the leaders in payment systems all over the world. Relatively recently, the Paypal system provided users from Belarus with the opportunity to legally use the service, but accepting payments for business through the system is not yet available; PayPal system Stripe is one of the fastest-growing payment systems in the world, popular in IT and Saas services. Works with 135 currencies and 40 countries, but, unfortunately, the Belarusian business is not yet available;

Payoneer –


The Payoneer payment system, like other world leaders of payment systems, is not officially represented in our country, therefore it is still impossible to legally accept payments in Belarus through it.

We briefly reviewed what methods of accepting payments in Belarus for business exist, as well as the advantages and disadvantages of each of them. Now it remains to familiarize yourself with a short checklist of actions if you want to connect online payments on your website in Belarus.

How to enable payment acceptance on the site?


First of all, you should already have a working website. If it does not exist yet, then you can quickly create it using the Staronka or Koshyk platforms. Website development does not require any special programming skills, so it is really easy to do it yourself. If you still have questions, check out the video tutorials on the channel or write to the online support chat;

Decide which payment methods on the site you want to connect – card payments or payment through ERIP? Both ways? Anything else extra?

Select a payment aggregator through which you will connect the selected payment methods – prepaid, WebPay, Hutki Grosh, ExpressPay. Conclude an agreement with him, send the necessary information and documents;

Put your site in order – in accordance with the received requirements of payment systems and aggregates. The requirements are simple and fairly quickly implemented on the website (the only exception can be registration in BelGIE, which can be waited for a long time, and only if the site has not yet been registered in the system);

After everything is put in order, the technical setup itself and the connection of receiving payments on the site take place. In Staronka, this is done through special extensions – just select the one you want and fill in the required fields (literally 1-3 lines);

Check if everything was done correctly – make a test payment – and if everything is fine, connect to receive real payments and enjoy payments on your website!

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