The growing trend paying for goods with electronic-based debit cards or credit cards. Has any of the thought given for advantages of settling with money ? How to take card payments over the phone becomes a disadvantage will be written down here.
The disadvantages for paying cash can be frequently mentioned, this can be taken off and never get back, it is high for carrying and it takes time for traveling to banks or money outlet withdraw and bills than to use a credit card in the cusomer wallet. No one can buy anything on the internet with cash this becomes popular among people. On the side of banking and government, the customers are being discouraged from spending the cash since they carrying large amounts are assumed to be a criminal activity. Obtaining amount become harder as some places like
- airlines or
- government offices
where these places are not accepting the amount of money for certain reasons. The counterfeiting of 100 dollars also restricted the use of large billing amount, that is convenient if the person buys something costing hundreds of dollars.
Advantages with payments:
Withdrawal fees are there from the account holder bank, but they make fewer withdrawals with a larger sum, they can reduce the fee significantly. If the cardholder can go to the credit union that does not charge cash withdrawal but doing these for all of their accounts are limited if they need to access the amount outside of their home town. Many merchants give discount if the payer pays in cash by waving the sales tax, which results in cheaper prices. Here, One reason how all these happen because electronic ways of payment is expensive for the vendors they usually have 3 percent of the transaction price may be higher. The vendor needs to pass that cost to someone, and that some others will be the final consumer. If every step of businesses is using this electronic means to purchase, this merchant charge can add higher and all of these will be passed on to the consumer.
There will be no risk of identity theft with money. The credit card information can be stolen easily, that is identical to a twinning. This happens in the short distances by using the wireless card readers and some others will never have to touch or see the credit cards. The Credit card numbers also are changed from time to time to mitigate this risk, these risks of scam with electronic means and the money, and are risk or unable to find. There will be fewer useless
- emails,
- telephone calls
- unaddressed advertisements mail
the mail coming into the inbox because people may not know about what they are buying. Under this extension, there will be more privacy by using cash. Also there are lot of concern for the erosions of privacy, but this to be directed with and correlated how technology people utilize. Even the authority that is dealing with can be reputable. The companies are merged compromises that can erode customer privacy. Times when using an electronic means should be better than cash, but the reverse is true some times. This may be the time to consider and looking at both methods carefully later having both of them at the people’s disposal at all times.
