Whichever method we use to pay as an individual or choose to accept as a business, there will be pros and cons to it. So, let us find out just which method offers the most advantages for both.
If you visit https://www.easypaydirect.com/, you can learn about how credit card processing can be made easier for businesses.
So, let’s learn more about the different methods of payment open to customers, and why businesses should consider accepting a payment to keep customers coming back. Convenience is about ease and certain methods of payment are easier to handle than others for both businesses and customers alike.
Credit Cards
Credit cards are all about cash flow. We use them to afford things in the present that we will pay for in the future. This can be whether we settle the bill in full in a month or take advantage of the extended credit options and pay the bill back in small chunks. It does not matter what balance your bank or savings accounts are showing, the items needed to make living easier can be purchased there and then.
With credit cards, there will be no foreign transaction fees, which makes them an ideal payment type for those who travel a lot. They also eliminate the need to exchange cash into the right currency and the charges involved with that. Security-wise, it is easier to hide a credit card from thieves than cash. So, tourists will rely on businesses accepting their credit cards.
Credit cards are made secure for businesses by credit card companies such as Easy Pay Direct because transactions are checked for fraudulent ones. Where merchants are considered high risk because of the number of returned payments and fraudulent transactions, a special account will be set up for them. This allows for greater monitoring of riskier transactions. Credit cards are also securer in terms of not having cash that can be pickpocketed or stored at premises to invariably present a theft risk.
Mobile or portable credit card terminals such as those provided by Easy Pay Direct mean that payments can take place anywhere. This benefits both customers and retailers. There is the possibility that a customer will go elsewhere if they cannot pay using their credit card. Retailers need to be seen to make it as easy as possible for customers to pay to attract them in the first place and then to retain their loyalty. Convenient payment systems play a part in building a loyal customer base. It is credit cards the world is becoming more familiar with. Online trading has accelerated the acceptance of this plastic form of payment. Wallets are becoming slimmer, and not due to lack of money necessarily, but because notes are being abandoned as a form of payment. Instead, they have been replaced in many cases now by a single plastic card that can pay for an item wherever you happen to be. That is if the retailer or merchant is accepting them.
Then, another advantage of credit cards is for building up a credit score that can help towards securing mortgages and bank loans. The easiest way to build a good credit history or rating is to apply for a credit card and pay for as much as you can with it. This is to the benefit of customers and businesses looking to embrace credit cards to make their accounting systems easier.
The only downside to credit cards is that they encourage people to spend more on frivolous items. Why not treat ourselves? It is certainly good for businesses and the economy, providing businesses accept the payment method.
Notes and Coins
The advantage of carrying physical money, some will say, is that you can keep better track of what you are spending. However, this argument is difficult to maintain when we can look at our bank balance in an instant, thanks to internet banking.
The big disadvantage with carrying cash around is the security risk and the bulkiness of it. Also, the nuisance of never having the right change and relying on the shop to provide it. It can be a business’s nightmare to keep having to go to the bank for the right change for customers. Many will invariably produce a large note and expect change. It does not take many customers to do this and change soon runs out. So, it is well worth a business encouraging its customers to use credit cards. An efficient and portable credit card terminal such as an Easy Pay Direct one will help with this.
Cryptocurrencies
Digital currencies are the future, but many are still wary of investing in them for fear of losing their money. Although we must bear in mind that money earning no interest is losing value in real terms, markets for cryptocurrencies such as Bitcoin, Ethereum, or Cardano are very volatile. They are not something to experiment with for those not aware of different economies and their effects on the value of money.
On the plus side, cryptocurrencies can boast great earning potential. Also, the money can be used for buying things online where that kind of currency is accepted. There is a long way to go on this.
To summarize, credit cards aid cash flow and improve security, physical money is a theft risk and bulky to carry, and cryptocurrencies can be a risky investment, not to mention a currency that is not yet widely accepted. So, on balance, credit cards are the way forward for the moment. Particularly when Easy Pay Direct allows for payments to be made and accepted anywhere.