Reap the tangible and intangible advantages
If you are a cashier in a busy grocery, you’ll know right away that your workload is a lot easier because of digital payments. But, it is not only the cashier that gains such benefits. It is the grocery owner who gets to be in the know, in real-time, what was sold, the remaining inventory, and his income. The one who made the payment also has several gains, such as a shorter checkout line.
Benefits of digital payments
Time-saving. There is no doubt about it. Making a digital payment saves us a lot of time. Pulling out a wad of cash, taking out the coins, and counting the change takes at least a few minutes. You have to hand it over, and the cashier counts it, then the change is counted, to be handed back to be counted again.
Organized. There is no need to count when one uses an electronic payment system You can rid of the calculator for computing the total amount and the change. Scanning the items makes it possible for the accounting system to be tapped. The payment transaction is logged, the inventory updated, among other things.
A clean way. For the OCD, not holding cash is a big plus. Money can be dirty, as in literally. You don’t know where it came from and if the one who held it before has leprosy. Using a mobile device on a contactless payment terminal is the ‘clean’ way to pay as it prevents the passing of germs.
Access funds. When you step out of the house and forget to bring cash, you can use a credit card for payment or withdraw from a bank account if you have the digital way to pay. The options include someone being able to send you funds instantly, so if you are broke, someone can send you money. It is also to the advantage of the sender as what was lent to you is recorded, unlike when cash is handed over.
Lock transactions. From your end, using the cell phone, you can stop unauthorized payments when you get a notification. From the end of the payment processor, questionable transactions are stopped until they get clearance from you. If your cell phone is missing, you can remotely lock it and prevent any unauthorized payment transaction from occurring by informing your bank, card, or e-wallet provider of the loss.
The mobile advantage. A digital lifestyle can just mean that you don’t have to go anywhere at all to make a payment transaction. You can lie down in bed and get everything delivered to your door. You can be anywhere and still get to send food to a loved one who is miles away.
Unauthorized transactions. This is one of the biggest disadvantages of digital payment transactions. You just have to be careful of Alexa fails, as your dog might be ordering a truckload of food like in the “Not Everything Makes the Cut, “and Amazon Super Bowl LIII commercial. This funny advertisement highlights that such fails are unauthorized payment transactions. Payment transactions can happen anytime, like when a child orders gaming gear as they have access to the credit card details. These situations might seem funny, but when the order has been made, and you had to pay for it, it is about time to make sure that no one can easily access your digital payment methods.