VARIOUS METHODS OF PAYMENT METHODS

Why Payment Methods??

The world is so emerged with the technology and the people have numerous ways to communicate and satisfy their needs in what so ever manner. However, we people work very hard to get money for the welfare of the family by working in cities or other countries but fail to send the money faster thus it’s important to know the modern methods and how it reduces time and security.

With the traditional methods such as the Cheque, demand drafts, telegram are still in use  for the payment transfers .There is an need for the usage of some modern payment methods which includes internet banking, credit card, debit cards, e-commerce payment systems etc.

Advantages Of  Modern Payment Methods Over Traditional Payment Methods

     ·    Easy to use

     ·     No need to go anywhere if there is a pc/laptop with internet connection at home

     ·      Faster

     ·      Lots of other uses like shopping, international money transfers etc

     ·      Security

     ·      So many payment methods

     ·      Reliability

Besides these advantages of the payment methods there are also few payment related hardware such as credit card reader, ATM machines, POS Systems which are more advanced and in usage in many shopping malls, cinemas, hospitals etc…

ATM MACHINES-These are the devices which comes in handy for the Quick money however these needs an debit card ATM which is provided by the bank if you have an account and we can also transfer payments from one ATM to another via ATM Card numbers.

CREDIT/DEBIT CARD READER – These credit/debit card readers are very much useful whenever you go for shopping and security is well within as it needs just the customers’ pin number. These are widely used and are become a common hardware which is found almost in any shopping complex.

POS SYSTEMS- These are the modern point of sales systems which comes up with an iPad interface and also embedded with credit card reader, barcode scanner, and printer and also needs a Wi-Fi Router which supports the POS system. With the usage of POS Systems is most widely used as it has all the payments and thus nowhere else to go.