Credit Card payment System
Advantages:
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Credit card reduces need to carry cash or checks. A credit card means you don't need to carry huge
amounts of cash around and risk losing it.
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A credit card means you can make purchases abroad without having to worry about local currency.
They have now spread worldwide.
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Many credit cards offer some type of insurance if your purchase is stolen. Some credit companies
provide extended warrantees on certain types of purchases.
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As well as convenient, accessible credit, credit companies offer consumers flexible rewards
schemes in which points earned by purchasing goods with the card can be redeemed for further
goods and services.
Disadvantages:
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Credit cards can be stolen, as can cash. They may be physically stolen or someone may steal your
credit card number from a website, over the phone etc. The good news is that, unlike cash, if you
find your card has been stolen and you inform your credit company instantly, you will not pay for
purchases that somebody else has made.
The biggest disadvantage is that they are inviting cardholders to spend more money that they
don’t yet have. It is far too easy to spend more than you can afford using a credit card.
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Credit cards issue a monthly spending limit. While they are mostly high, if you exceed it, you may
face even bigger charges.
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So if a credit card is not used wisely , people can get into debt or even bankruptcy.
E-Check payment System
Advantages:
With electronic checks, customers can receive instant acknowledgment of their payments. Merchants can
be assured of the validity of a checking account through the verification process. With electronic checking,
customers can have 24 hour access to their checking account transactions through electronic banking.
Processing payments online with electronic checks eliminates the need for stamps and envelopes, which
saves time and money for customers.
Processing electronic checks also saves money for merchants in processing costs, especially in the
elimination of deposit and transaction fees.
Electronic checks can also be an environmentally conscious choice, since less paper is involved in printing
and processing the checks.
Disadvantages:
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Anytime computers are involved with sensitive transactions, there are bound to be security
concerns.
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Fraud by unscrupulous merchants is one danger; hacking into the electronic records or
interception of a transmission is another.
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There is also the danger of human error or equipment failure which can jeopardize the accuracy of
transmissions or records.
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Customers should check their banking records carefully for unfamiliar or unauthorized
transactions.
Paypal
Advantages:
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PayPal is guaranteed against fraud
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PayPal guarantees 100% protection against unauthorized payments from your account
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While shopping online and providing your financial information you are not fully protected from sites that
can charge money from your account and making unauthorized transactions without your awareness, and
that may cause you a lot of money and unnecessary aggravation.
PayPal prevent that option from happening, providing the safest way for shopping online and without
reviling any information of your account.
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Saves time
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Avoiding long lines and spending valuable time in going to the bank
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IF you feel the seller violated your agreement and you want to file a claim against him you can
File a despite through PayPal within 30 days of your purchase,
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PayPal offer you a variety of coupons that will help you save money while shopping at your favorite stores
online, PayPal discount coupon is providing a secure way to shop at a great price.
Disadvantages:
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PayPal can immediately freeze your account and hold your money
This is a private company and not ruled by any federal banking regulations, there for have
no need for your permission or approval for freezing your account. if they feel that you have
committed a fraud or violated they’re policy your they might freeze your account and hold
your funds till further notice
When your account is frozen It might take a while till PayPal decides to release your funds
And might leave you with very limited options and without proper explanation.