Credit cards have become more than a handy thing in today?s epoch. A person can buy things and needs just to swipe the card, the payment is made. Now days a new facility is coming more popular with the people and that are using credit card for online payments. Now it?s not difficult to keep an eye on the whole world. People keep a check on various sites and try to fetch what they find interesting. Ladies try to buy best cosmetics available on the sites. Students buy various books of knowledge, which they find required for their study material. Businessman may find some latest machinery available in one country and through online payment by credit card, they buy that machinery brings that to his/her own country. There are many benefits and losses of online credit card payments. In this article we will try to figure out some of those.
BENEFITS:
1. The online payment through credit cards helps in timely payments. The seller won?t have to wait for days for the arrival and approval of checks or drafts, so that required thing is dispatched. On the other hand, a buyer doesn?t have to wait for days for arrival of his required things. This way the time is saved in arrival and approvals of money transactions.
2. The online payment through credit card confirms the payment to the required authority. That is the money reaches the needed place on the time. It does not take time for the money pass on through various channels and reaches the required place at once.
3. The online payment helps in paying the amount in the currency of that country. For instance, if a person wants to buy a product in America, but the person is living in china, than he/she can use credit card for payment in that country. This way the payment is made in the currency the product is from. As well as the person in china won?t have to run here and there for currency exchange. Along with that the payment reaches in a very short time and the product is immediately sent to the person in china.
4. Through online payment a person won?t have to arrange for the whole money at the same time. He/she can make payment after some time. For instance, if a youngster has only 80 dollars and want to buy a musical instrument of his/her choice of 100 dollars from a site selling those instruments. Then he/she doesn?t have to wait for their next month pocket money. He/she can buy that musical instrument immediately and make the payment to the bank after getting their monthly pocket money.
5. Online payments make work go easier and less paper work is required. Just use the last three or four digits code on the back of the credit card and click the payment to be submitted. Thus making online payments makes work easier, faster with less paper work, in the form of the required currency to the right person at the right time. Also with that, you don?t need to stay ready with the whole payment amount on the spot. Instead the payment to the bank after using credit card can be made at our own ease. With so many useful benefits, there are many losses stick with that. Like the other side of the coin this online credit card facility has many losses.
LOSSES:
1. Among the main losses one of them is that there are chances of online payment to the wrong or a fraudulent. Reason being that bank is only responsible to make the right amount of payment to the person you refer. Note here that the person you refer may be a fraudulent. And the bank is not liable is that person or account wherein you send the payment comes out to be fraud.
2. Secondly, if you press some wrong digits of the accounts where you want to send the money or write one additional digit in the amount section than after clicking button submit you can?t do anything to stop the transfer. That is once the wrong submission is made neither the account or the amount can be changed or stopped from being getting transferred.
3. Also there are many hackers sitting before their computers to watch, when a person makes an online payment. When you make the online payment, the hackers try to trace your credit card number and password and all other information so that they can use that information to transfer your money in their account.
4. In case of credit card gets lost than it requires many forms filling and letter writing to the bank for its lost confirmation and generating a new password or even credit card on its behalf. Thus on the negative side, there are many losses of online credit card payments. Among them is wrong amount or account payment due to some human error, inability to catch the fraud, the fear of hackers and lots of form filling in case the card gets lost. In conclusion like the two sides of the coin, the online credit card payments have both benefits and losses.
BENEFITS:
1. The online payment through credit cards helps in timely payments. The seller won?t have to wait for days for the arrival and approval of checks or drafts, so that required thing is dispatched. On the other hand, a buyer doesn?t have to wait for days for arrival of his required things. This way the time is saved in arrival and approvals of money transactions.
2. The online payment through credit card confirms the payment to the required authority. That is the money reaches the needed place on the time. It does not take time for the money pass on through various channels and reaches the required place at once.
3. The online payment helps in paying the amount in the currency of that country. For instance, if a person wants to buy a product in America, but the person is living in china, than he/she can use credit card for payment in that country. This way the payment is made in the currency the product is from. As well as the person in china won?t have to run here and there for currency exchange. Along with that the payment reaches in a very short time and the product is immediately sent to the person in china.
4. Through online payment a person won?t have to arrange for the whole money at the same time. He/she can make payment after some time. For instance, if a youngster has only 80 dollars and want to buy a musical instrument of his/her choice of 100 dollars from a site selling those instruments. Then he/she doesn?t have to wait for their next month pocket money. He/she can buy that musical instrument immediately and make the payment to the bank after getting their monthly pocket money.
5. Online payments make work go easier and less paper work is required. Just use the last three or four digits code on the back of the credit card and click the payment to be submitted. Thus making online payments makes work easier, faster with less paper work, in the form of the required currency to the right person at the right time. Also with that, you don?t need to stay ready with the whole payment amount on the spot. Instead the payment to the bank after using credit card can be made at our own ease. With so many useful benefits, there are many losses stick with that. Like the other side of the coin this online credit card facility has many losses.
LOSSES:
1. Among the main losses one of them is that there are chances of online payment to the wrong or a fraudulent. Reason being that bank is only responsible to make the right amount of payment to the person you refer. Note here that the person you refer may be a fraudulent. And the bank is not liable is that person or account wherein you send the payment comes out to be fraud.
2. Secondly, if you press some wrong digits of the accounts where you want to send the money or write one additional digit in the amount section than after clicking button submit you can?t do anything to stop the transfer. That is once the wrong submission is made neither the account or the amount can be changed or stopped from being getting transferred.
3. Also there are many hackers sitting before their computers to watch, when a person makes an online payment. When you make the online payment, the hackers try to trace your credit card number and password and all other information so that they can use that information to transfer your money in their account.
4. In case of credit card gets lost than it requires many forms filling and letter writing to the bank for its lost confirmation and generating a new password or even credit card on its behalf. Thus on the negative side, there are many losses of online credit card payments. Among them is wrong amount or account payment due to some human error, inability to catch the fraud, the fear of hackers and lots of form filling in case the card gets lost. In conclusion like the two sides of the coin, the online credit card payments have both benefits and losses.
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