Blog Post

Demystifying Cashless Payment Systems

Demystifying Cashless Payment Systems

Well it’s perhaps definitely too late to convince your grandmother to make more use of cashless payment channels over whipping out her purse and pulling out some cash each time, but maybe you could still get your parents on board. Personally I have managed to convince my grandmother to make less use of physical cash and in fact she’s been using credit cards all her adult life since she’s part of the baby boomer generation, so your grandma may not be too much of an anti-tech fossil after all.

The general reluctance on the parts of most people to make more use of cashless payment channels actually has very little to do with age though, even though age does play some role. It’s a trust issue — we’ve perhaps all been watching too many of those hacker movies where anything which is done digitally can be easily intercepted, but that’s not the case if you ask anyone who has a merchant credit card processing account. Not only is the use of credit cards very secure if you take the necessary precautions to safeguard your information, but if there was ever any suspicious activity with regards to the transactions made on your credit card, there’s always a bank record and you can have unauthorised transactions reversed quite easily by your bank and / or your credit card company.

The same can be said about other emerging cashless payment systems beyond what is perhaps now quite a standard credit card reader. Online payment merchants and mobile payment solutions service providers generally take the same stance on the security measures surrounding cashless transactions. A user profile of typical behaviour gets created over time and if there are any suspicious or out-of-the-ordinary transactions which are attempted or which go through, a warning mechanism kicks-in and generally you’ll be eligible to get a reimbursement should the transaction be shown to be a fraudulent or unauthorised one.

What cashless payment channels ultimately come down to however is convenience. Just thinking about the typical scenario immediately points to this convenience in that the entire process of first having to visit an ATM to draw money is eliminated. This process also incurs fees, usually in the form of a withdrawal fee charged by your bank, but it perhaps goes a bit deeper than that with fees because it costs money to fill your car up and drive to an ATM or go out of your way to find one. While these costs may appear to be tiny, they add up extremely quickly and come up to what reveals itself to be a huge waste.

Saving money on would-be transaction costs forms part of the convenience offered by the use of cashless payment systems, but what one would also enjoy is not having to repeatedly enter their details every time they complete a payment. MerchantAccountSolutions.com is a payment solutions service provider whose range of solutions may further put your mind at ease as you can have a look at these solutions from the point of view of the retailer who might make use of them.

Related Posts

Leave a Reply