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Newer Approaches to Payment

Options greet us from every nook and corner in the world of today. There is so much that we may want to make use of. There is a large variety of consumer electronics and a whole range of products from the various companies. If you are thinking of eating you, you can choose from among the top-end restaurants that give you a great ambience and then land up with a huge bill. If you want to eat out and not spend too much, there are loads of fast food and multi-cuisine restaurants that will appeal to your taste buds. Then, if you want to buy clothes, you can decide whether you want to buy clothes from non-descript stores or go in for a branded outfit. We are being bombarded by all kinds of options. It all depends on what you are going to buy.

Of course, if you are buying something, you must think about your preferred mode of payment. There are many ways in which we can settle bills nowadays. Perhaps, we as consumers are really a pampered lot. Go to a salesperson at any supermarket and be prepared for the question: "How do you wish to pay sir? By cash or by card?" Once upon a time the only acceptable mode of payment was that of cash. Every store owner preferred this mode of payment primarily because of its tangibility. When you were paying in cash, the seller was immediately paid for his wares. He did not have to worry about how long it would take for the payment to come through.

Before credit cards gained in popularity, check payment was the preferred mode of payment when it came to larger sums of money. However, there were some troublesome aspects to paying by check. The seller would have to wait till the check cleared. And back in the days before banks were fully computerized, this was quite a slow process. Moreover, you could never be sure that you would eventually get the money. After all, not all buyers were honest blokes.

The emergence of credit card companies has made life much easier for both buyer and seller. Here were pieces of plastic that added great value to our lives. All that the buyer had to do was get it swiped by the seller to pay for his purchases. As for the seller, he was assured that the credit card company would pay him the money that was owed to him. Certainly, paper money still has a greater fan following than credit cards. However, the latter is rapidly taking over as the preferred mode of payment today.

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