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E-Payment - Coggle Diagram
E-Payment
Credit Card
Advantages
Security - Credit cards are a safe and secure financial instrument. As compared to other financial products, credit cards hold a lot more safety features.
Luxury of credit - Having a credit card gives you the luxury of spending out of your pockets. Credit cards allow you to borrow money from a bank and make necessary purchases for the time being.
Build financial health - Timely repayment of credit card bills help build a healthy financial status. One of the major credit card benefits is that its proper usage can actually help you build and maintain a line of credit. This line of credit can be used by banks to view your card usage and credit repayments.
Disadvantages
Minimum due trap - The biggest con of a credit card is the minimum due amount that is displayed at the top of a bill statement.
High interest rate - If you do not clear your dues by your billing due date, the amount is carried forward and interest is charged on it. When in fact it is the least amount that the company expects you to pay to continue receiving credit facilities.
Hidden costs - Credit cards appear to be simple and straightforward at the outset, but have a number of hidden charges that could rack up the expenses overall.
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Google Pay
Advantages
Wide compatibility
One of the greatest benefits of Google Pay is that it’s widely compatible with both Android and iOS devices, so most customers who have those types of smartphones have access to Google Pay. With Google Pay, users can also make payments online through a website as well as through an app, so it provides a lot of flexibility to both businesses and customers.
Security layers Both businesses and customers alike care about security when it comes to online payments, and Google Pay takes security seriously. This prevents data theft as well as fraudulent transactions. Each transaction also has a unique code, making it easy to track and manage
Additional uses
Customers can use Google Pay to make purchases, but they can also use it for other things, such as holding digital boarding passes or digital tickets. If your business runs events, this is a major bonus because you can make it easier for customers to keep track of event passes without having to fumble with paper tickets.
Strong recordkeeping
It is a major bonus: Google Pay tracks incoming and outgoing payments as well as customer invoices, which makes bookkeeping easier and less stressful. Each transaction made in your account is archived and available for review anytime.
Disadvantages
Limited availability in certain countries
It may not be able to accept Google Pay as a payment method. While it does work in dozens of countries, it’s still not as widely accepted as some other payment methods, such as PayPal. This can be a downside if your business is in a country that doesn’t allow Google Pay or where people and businesses don’t use it widely.
Limited list of participating banks
Google Pay is only supported by a limited number of banks, so if your bank doesn’t use Google Pay, then you can’t accept it as a payment method. Similarly, if your customers’ banks don’t support Google Pay, they can’t use it to make payments at your store. This is a downside for both consumers and businesses.
Slow bank account transfers
It can take up to three to five business days for a Google Pay transaction to show up in your bank account depending on the payment method the sender uses .During this time, the transaction shows up as pending until it’s complete. While this isn’t only Google Pay’s fault such as the banks are also responsible for this delay), it can still be frustrating for business owners who need access to the funds.
QR Code
Advantages
It is Versatile
The flexibility of QR codes is another benefit. It can utilise it for a wide range of things, from online transactions to social media marketing. A QR code can be used to send users to landing pages and social media sites as well as accept payments. We may incorporate many payment options into QR codes, giving customers the option of a practical payment method.
QR codes payments are secure
Rather than storing sensitive payment information, a QR code simply links the customer’s payment app to seller’s account. Their payment data is encrypted by the payment app, so they’re able to pay without sharing personal information like account number
Fast
QR codes are tailored to smartphone usage, and many people nowadays have a smartphone always on them. Scanning is faster than typing a URL in, making responses more likely.
Disadvantages
Distrust and unfamiliarity.
For many people even now, QR codes are fairly new technology. It can be unclear what the user is supposed to do, and tech-savvy people may not want to scan codes that lead them to an unfamiliar site where their personal information could be put at risk.
Cyber criminals are figuring out new ways to commit QR code fraud
One of the biggest advantages of employing QR codes is the capacity to accept cashless payments. Customers can pay using their smartphones by scanning a QR code, eliminating the need for staff to physically handle credit cards and payment devices. However, cybercriminals are producing fake QR codes and presenting as legitimate companies in order to scam unsuspecting clients of their money or infect their devices with malware.
Not the Best Customer Experience
QR codes were designed to direct people to the company’s social media, landing page, and other informative content in a single snap. However, your audience needs to download a QR code reader in order to make it work. So, for those who are not comfortable with installing a new software app on their device, the QR code is not a viable option