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Monday, January 21, 2013

Cashless Transactions: Need of Today's Consumer and Merchant by Josef Toth


Need of cashless transactions in US was realized a long time back. The reason was obviously the ease of making payments and potential benefits for both consumers and merchants associated with them. With the introduction of this advanced and beneficial payment technology, attitude of today's consumer's towards making payments has completely changed. Nowadays, people are primarily dependent on their credit or debit cards to pay for any product or service they buy.
People prefer to go cashless nowadays, be it for shopping, movies, eating or even for traveling. But why is it so? Reason is self explanatory and well-understood by common man. It is always risky to carry cash. However, when it is time to shop something very costly, it is not a wise step to carry such a huge money amount. Moreover, sometimes it is not even possible to pay cash, when it is matter of buying a huge vehicle like car or something else of a very high cost.
In such conditions cashless transaction is a convenient and above all safe payment mode to opt for. Cashless scrip ATM's have been installed everywhere, be it departmental stores, luxurious clothing and shoe showrooms, vehicle showrooms of all types, multiplexes, restaurants or hotels. Moreover, in parking lots too cashless scrip ATM's have been installed. This lets people to pay with the help of their debit cards and offer them an opportunity to get rid of the risk associated with carrying cash.
As far as the benefit of merchants is concerned, it is really worth for them to accept payments through cashless ATM's, rather than credit card processing machines. If you are a merchant who accepts or has ever accepted payments from customers through credit card processing machine, you must be aware of its drawbacks in terms of paying huge credit card processing fee. However, it is not the case with cashless ATM's. Also, as compared to credit cards, customers use their debit cards more freely, that helps merchants in increasing their sales and profits more and more with time.
Above discussed facts clearly confirm, why cashless transaction are getting widely accepted day by day. For consumers, it has been found the best payment mode ever and for merchants, it has been found a cheep and easy payment acceptance method that has left the age of credit cards processing machines back. With such a rapidly increasing acceptance around the globe, it has become a need of modern consumers and merchants. Therefore, go cashless, go free of worries.

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