Question

There are many payment methods/systems/platforms for eCommerce sites.

Do the following:

Name 3 different payment methods.

AND

Tell me 1 advantage (PRO) and 1 disadvantage (CON) for each of the 3 different type

Answer 1

Three different payment methods are as follows -

1) Cash payment - It refers to paying notes or coin hand to hand.

Advantage - It is the fastest among all payment options.

Disadvantage - Cash increases the risk of theft as money in the drawer can be stolen.

2) Checks - Cheque is the person's note to the money receiver on which his name and amount are written.

Advantage - Cheque is suitable for paying large amounts of money, as it is not safe to carry it.

Disadvantage - It does not guarantee the payment, sometimes the cheque bounces.

3) Debit/Credit Card - These are the plastic cards used to make direct payments.

Advantage - According to the research, people with credit/debit card spend more, so it might boost sales.

Disadvantage - Refunds on cards are not instant, and it increases the risk of fraud too.

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