Grade: 100% A
In my store I will accept a few different forms of payment. I will accept cash because that is basic currency. That is what most people pay with in stores and some people don’t own a credit card or debit card. I would not want to deter those people from shopping with me by eliminating the cash option. I would only allow two hundred dollars in a cash drawer at a time. At the end of each shift the employees would do a cash drop of the cash they took in into a secured safe. At any point during the shift, if the employees’ cash intake should exceed three hundred dollars, making the draw five hundred, they would be required to do a cash drop then, also. This would protect the store from a large loss in the event of a robbery.
I will also accept credit and debit cards in my store. In addition, smart cards will be accepted because they are basically in the category. The clerks will be required to ask for identification for anyone choosing to use this method of payment. The advantage to card payments is the money comes directly from the customer’s card and if there are insufficient funds the system that they would be run through will tell you. The disadvantage to accepting credit and debit cards would be the extra work involved. You must electronically send the money from the customer’s account to the company’s.
I will not accept checks. It is easy for a check to be fraudulent. It is also easy for someone to give you a check that has no money in their account. Even with a system like Certegy Check Services insufficient funds slip through from time to time. I would not be willing to take that risk. It is also a longer process to accept a check than any other form of payment, due to having to authorize the check. My other customers would be held up in line waiting for a check to clear.
On my website I will not accept anything but credit or debit card payments. To me, that seems like the only real secure way to go... [continues]
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