Payment Methods

Question 1

Cheque advantages & disadvantage to payer

Answer 1

Keep a record, can be posted. Time consuming

Question 2

Credit card advantages & disadvantages to payee

Answer 2

Paper trail, safe. Interest charges

Question 3

Debit card, mobile, electronic advantages & disadvantages to payer

Answer 3

Convenience, safer than cash. Possible fraud

Question 4

Cheque advantage & disadvantage to the payee

Answer 4

Safer than cash. Inconvenience, cheque bounce

Question 5

Credit card advantages & disadvantages to the payer

Answer 5

Buy now pay later, purchase insured. Loose track of how much spent

Question 6

Debit card advantages & disadvantages to payee

Answer 6

Instantaneous, online payments. Processing fee, equipment to receive payments

Question 7

Online payment disadvantages to payer and payee

Answer 7

Account frozen, limit on payments. Fees, not instantaneous

Question 8

Disadvantages of mobile app payments to payer & payee

Answer 8

Smartphone required. Investment required, not popular with consumers

Question 9

Electronic transfer disadvantages to payer & payees

Answer 9

Tech required. fraud, not popular