Customers+with+varied+payment+methods

Definition
There are different payment methods that companies provide and customers use



Description
In order to succeed in selling the products it's important to offer the customers the choice - the options of payment. All people use various payment methods, so it's better not to limit the options. Options have to be suitable and convenient for customers. There are 2 types of payment methods: cash and card (both physical and virtual). Recently, the second one is having more and more preferences. Considering customers' wants gives more chances for companies to make and keep customers loyal that use your system (service) again.

In recent times cards became more popular, because of advantages they have over cash. Here are the advantages of cards:
 * No need to carry large amounts of cash
 * No concerns about change (in large purchases)
 * History of purchased items is saved. Can easily access it
 * Ability to collect reward points
 * Opportunity of having discounts in different stores
 * Opportunity to pay using internet
 * If you lose card you can block it (so that no one use it), and then restore the card. If you lose cash - less chances to bring your money back.

Despite all the advantages it has, there are also some disadvantages, which may not be so harmful, but still they do have an effect on customers:
 * It makes it easier to spend more money with cards because of not seeing cash and not giving money from your pocket
 * Not always all types of card are presented on online shopping
 * On some cards your balance can become negative, so that you owe to bank, while in cash no.

**Specific examples**

Different kinds of payment could be in both cash and card depending on a field where product is being sold: __Cash__ - direct payment on a checkout counter (physical shopping), cash after delivery (either internet shopping or physical shopping), pre-payment cash for a delivery (physical shopping); __ Card __ - direct debit on a checkout counter (physical shopping), card after delivery (either internet shopping or physical shopping), pre-payment card for a delivery (either internet shopping or physical sho pping), e-wallet (via smartphone software, terminals)

Resources

 * Payment methods. (n.d.). Retrieved December 7, 2014, from []
 * WHAT PAYMENT METHODS TO OFFER YOUR SHOPPERS? (n.d.). Retrieved December 7, 2014, from [|https://www.about-payments.com/knowledge-base/methods]