choice of payment methods Flashcards
convenience:
what will most customers choose a method of payment based off?
that suits there personal circumstances
convenience:
what may older customers prefer to pay by?
cash
convenience:
what may younger customers more likely to use?
payment technologies
convenience:
what do credit cards and debit cards make it easy to do?
easy to pay for larger transactions where cash would not be suitable
convenience:
what does a direct debit allow customers to spread?
payment over a period of time
safety and security:
what will customers want to know?
if their money is safe when making a purchase
safety and security:
what is one way customers prefer not to do?
prefer not to carry cash or card as they may be stolen
cost:
what do some methods such as credit note require customers to do?
to pay a fee or a state of interest
technology:
what do some methods require access to?
technology such as smartphone, tablet or computer
lifestyle:
what does the ability to pay remotely mean?
that goods and services can be purchased from almost anywhere in the world at any time of day or night
ability to pay:
what happens when some customers overspend?
they get into debit
ability to pay:
what does using a credit card allow the cardholder to do?
delay payment but they may have difficulty paying the credit card bill when it comes due
impact on enterprise:
what do enterprises recognise in order to maximise sales of products?
that they need to offer customers a range of payment options
impact on enterprise:
what needs to be done as cash may be stolen?
have high levels of security
impact on enterprise: credit and debit cards
what are required?
card readers
