What You Need to Know About Electronic Payment
Electronic payment usually refers to methods of payment that do not include cash or cheque payments and usually involves payments using credit cards, debit cards or online banking platforms. Initially electronic payment was not a very common means of payment because individuals used to rely on cash payments or even they will write checks to pay for their bills which will take a very long time to be processed. Since online shopping became a common thing, the use of electronic payment has increased as opposed to the previous years where online shopping was not very rampant. The transition to electronic payment has come with quite a number of advantages and as well as some disadvantages. Looking at how electronic payment has transformed the business industry it is important to note that the advantages of electronic payment are greater than disadvantages.
The first main advantage of electronic payment is that it is enabled people to shop online and also to be able to pay for the goods using electronic means. Electronic payment has also increased the speed of payment as compared to their previous methods of cash and checks which will take a long time to process and also confirm.
It has been over great advantage adapting to electronic payment because it has reduced the risk that comes with cash of being robbed and also has reduced the instances of fraudulent cheques.
Electronic payment also increases the rate of accountability especially when it comes to the cashier’s because cashless transactions cannot be easily manipulated to cause losses.
It is important to advocate for electronic payment because even for a business owner it usually reduces the work involved in having to take cash or even cheques to the bank because once the card has been swiped the transaction and the amounts usually reflects on the end of the business owner. It is important for any business to have an electronic payment option because it makes it easy for customers to make their payments without necessarily having to carry a lot of money when coming for shopping.
The cost of using credit cards and also online payment option is usually cheap as compared to use of cheques and therefore it is advisable for individuals to opt for e-payments.
It is agreeable that electronic payments are very convenient and the advantages far outweigh the disadvantages however it is important to note that one thing that still put it as a challenge to electronic payment is that they are prone to cyber attacks. When a person is using electronic payment they are urged to exercise personal responsibility to ensure that their passwords another personal information does not get into the hands of other individuals as this may greatly cost them.
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