Newer Approaches to Payment

By: Ajeet Khurana

We are privileged to be able to avail of all kinds of options in today's world. There is so much that we can benefit from if we wish to. There is a large variety of consumer electronics and a whole range of products from the various companies. If you want to have dinner out, you can choose from among the top-end restaurants that give you a great ambience and eventually, also a large bill. If you want to eat out and not spend too much, there are loads of fast food and multi-cuisine restaurants that might suit your budget and your tastes. Then, if you would like to have clothes, you can decide whether you want to buy clothes from non-descript stores or go in for a branded outfit. There is no end to these options. It all depends on what you are going to buy.

Of course, if you are buying something, you take into consideration how you will pay the bill. There are many ways in which we can settle bills nowadays. Perhaps, we as consumers are loving the fact that we have so many choices. 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?" There was a time when 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 would be glad as the payment would be completed. He did not have to worry about when he might acquire the amount that he was owed.

Before credit cards began to become fashionable, check payment was the preferred mode of payment when it came to larger sums of money. However, check payment did have some flaws of its own. The seller would have to wait till the check cleared. And back in the days before banks were fully computerized, this check payment was quite slow. Moreover, you could never be certain that the check would get encashed. After all, not all buyers were honest blokes.

The emergence of credit card companies has made life much more convenient for both buyer and seller. Here were pieces of plastic that made it easier for us to buy things. 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. Paper currency is still ruling supreme over credit cards. However, as things are going, credit cards will soon take over from paper money.

Money Management
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