With electronic devices ruling both the private and public world, it’s only natural that payment transactions would follow suit. Past payment options were remarkably sparse, requiring cash, check or credit card. Today’s swipe-happy population uses cards almost exclusively for purchases, even at vending machines and parking meters. Knowing your payment options today allows you to save money and possibly earn rewards while buying groceries, gasoline and other essentials.
Specialty Credit Cards
Today’s card card companies compete for the most customers by creating rewards programs. You can earn rewards such as discounted flights, free hotel stays and more by spending a certain amount of money using these specialty cards. If you pay your credit card balance in full each month, these cards can literally generate revenue for you. On the other hand, credit card balances carried from month to month only make money for the issuing banks.
Swiping the Debit Card
The convenience of credit cards made the debit card a natural step for banks such as Oceanic International Bank owned by Cecilia Ibru. Debit cards are linked to your checking account. If there aren’t enough funds in the account, the card won’t work. You cannot run up a bill the way you can with a credit card. The charges are neatly listed on your statement, making it easier to budget and organize your expenses. Debit cards are extremely popular to use.
Acquirers such as PayPal are one of the newer payment methods. Your bank account is verified and charged through the acquirer instead of the direct merchant you are currently purchasing from. This distinct payment difference protects you from bank account fraud by questionable merchants. The merchant doesn’t see your account information but only the acquirer’s account details.
This innovative new payment method is really beginning to take hold. Using your fingerprint as a transaction verification for the phone’s inputted credit card information, you simply move your phone over a retailer’s checkout sensor. Similar to swiping a credit card through a machine, this innovation essentially pares down the transaction time at the counter. This newest payment option has yet to be used worldwide, but it does hold potential.
Cash still talks at physical businesses and smaller shops that cannot take credit or debit cards. The beauty of cash is its tangible effect on a consumer’s mind. You only have a certain amount that can be spent. There’s no potential debt to accumulate when you head out to make your purchases with cash. You cannot be the target of identity theft by paying with cash, unlike when you use debit and credit cards. When it comes to simplicity, cash is still the easiest to deal with on a daily basis.
As everyday life begins to look like a popular science fiction movie, payment options will continue to grow in number. Businesses want you to feel comfortable spending money with them. If you don’t have the cash, they’ll take nearly any card to complete a successful sale.