Unit 4 - Assignment 1

Unit 4 - Assignment 1 - uses PIN debit, it works as if they...

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There are several forms of payment that can be utilized by the bookstore that will work both online and in the store. There are also a couple of forms of payment that would only work in the store itself. The first choice for both the store and online would be credit cards. Credit cards are used most often for online purchases and are a large majority of in store purchases. This choice is probably one of the safest choices for both the consumer and the merchant. The credit card companies back their cards for theft for the consumer and if the merchant is doing their job properly by verifying consumer’s information they are protected from fraud. The next choice for both the store and online would be using debit cards, these work a lot like credit cards but are tied directly to the consumers bank account. With a debit card the consumer is given the choice of using PIN debit or signature debit. When the consumer
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Unformatted text preview: uses PIN debit, it works as if they were using an ATM to withdraw cash. Using signature debit is almost like using a credit card, the transaction looks the same but there is a hold put on the funds in the consumers bank account and withdrawn the next business day after processing. The last choice for payments will be for in store only. This choice is using cash, which is a universal form of payment. Cash is secure for the merchant because it is able to be instantly used by the store for other business. Cash is also still one of the largest methods of payment for consumer goods to date. All other forms of payment that are developed still have to compete with the ease of use of cash. References DANIEL HOUGH, MARK RIDDLE, CHRIS ALLEN AND MELISSA FOX. (February 2009). World of Choice: Consumer Payment Preferences. Retrieved March 6, 2009, from http://www.bai.org/bankingstrategies/2009-JAN-FEB/cover/....
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