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Uses of ICT in business (EFTPos (Examples (Online banking, Pay by credit…
Uses of ICT in business
EFTPos
What it is
Electronics funds transfer
Examples
Online banking
Pay by credit or debit cards
Paypal
Made electronically
Customer use
Advantages
Quicker - to enter card details than to post/travel
Over £100 any complaints with payment
Faster - no need for cheques to clear
Disadvantages
Need a computer/internet access
Invasion of privacy
Impulse Buying
Fraud
Store use
Advantages
No wasting time with cheques that bounce or counterfeit money
Optional faster delivery
Payment is immediate
Intergrates with accountantancy, reduces business cost
Disadvantages
Stolen cards can be used (must refund)
Expensive - costs involved
Pay commision for payments
Procedures to afrer customer data