Pros And Cons Of Online Payment System

A lot of people nowadays are slowly getting into online payments, simply because almost everyone is active online. There are still some people though who are skeptical about them since they’re technically not real money, or physical money, so they still stick to the old ways. There are in fact, a lot of things to consider, and of course, just like everything in this world, it has its own pros and cons, and here are some of them.

[su_quote cite=”Vladimir Putin” class=”cust-pagination”]“We need business to understand its social responsibility, that the main task and objective for a business is not to generate extra income and to become rich and transfer the money abroad, but to look and evaluate what a businessman has done for the country, for the people, on whose account he or she has become so rich.”[/su_quote]

PROS

• One click away on the phone

Almost everyone nowadays has a phone, even children do. So it is indeed very convenient if you have your phone and at the same time, money on it. Online payments can be done anytime and anywhere, whether you’re in the toilet, or if you’re in bed, even when you are outdoors, as long as you have an internet connection then you’ll be able to make a payment. That is why more and more people nowadays are getting into paying online. This is very convenient specifically for freelancers since they could do business and offer services online, and people could easily send payments using just their phone, so it is technically convenient for both parties.

• No need to bring cash around

Admit it, it is a little scary to bring lots of cash around, and with online payment, you don’t need to be scared anymore since it is all on your mobile phone, online payment services such as PayPal, and other online banking apps have security codes and passwords on it, and even your own phone has a lock on it. So if your phone gets lost or gets stolen, you wouldn’t need to worry about them spending your money, you just have to alert the bank right away. With cash, they could easily get it from your and spend it right then and there, and you simply cannot do anything about it anymore.

CONS

• Offline payment is more secure

One of the major downsides of paying online is its security. It is a fact that it is way more convenient, but it is also a fact that you are prone to hackers. Almost every bank can be hacked, especially if the hackers are highly skilled. Anyone can actually be a hacker, you just have to learn how, that is why even if you got passwords as such, there is no guarantee that your money is actually safe. Since it is a computer system, there will always be a glitch, and that is basically one of the major concerns of the many. That would just mean that you are not supposed to keep a huge amount of money on your accounts, if you need to send payments, then pay for it all at once so that you wouldn’t need to leave money on your account, that way you wouldn’t need to worry about your account getting hacked.

• Additional fees

Finally, another downside of online payments is its massive additional fees. Almost every time you pay online, there will always be this transaction online fee that is just very painful. It may seem like it is not that much, but if you put the, all together, you would realize that you’re actually spending that much money that you’re not supposed to spend anyways, you’re not even getting anything from it.

[su_quote cite=”Howard Schultz” class=”cust-pagination”] “The evolving social and digital media platforms and highly innovative and relevant payment capabilities are causing seismic changes in consumer behavior and creating equally disruptive opportunities for business.” [/su_quote]

There are indeed so many ways now to send or receive payments, and no matter which one you choose, make sure it is reliable, and if you encounter any problems, make sure to report it right away. Money is something that sure is difficult to earn, so you have to make sure that paying for things is convenient for you, whether it is cash, credit card, or online.