September 27, 2012
Paying cash has been the simplest form of payment since currency has been established. Due to technology there are several ways one can purchase merchandise. Credit by far has become popular of most ways to purchase merchandise. Paying cash has no fees, no identity theft, and debt free. Credit cards has fees, theft safety programs, can cause debt, and can make fast payments. Both methods are necessary for today’s economy and both are necessary depending on the customer.
A fee is a sum paid or charged for a privilege. (Dictionary 2012) Paying with cash has no fee for using it. No fee means you can have more cash to your person for other merchandise you may need. Not paying fees causes the customers to be more focus on their budget. Paying no fees also gives the customer the satisfaction of freedom to pay for an item without having to worry about fees. Customers have a tendency to forget about fees when using other methods of payment. Not paying a fee also helps a customer save money for future endeavors.
Cash also presents a sense of safety. With using cash no one has any information on your name, address, or any other purchases. In recent years, the internet has become an appealing place for criminals to obtain identifying data, such as passwords or even banking information. (USDOJ 2012) With enough identifying information about an individual a criminal can take over that individual’s identity to conduct a wide range of crimes: for example, false applications for loans and credit cards, fraudulent withdrawals form bank accounts, fraudulent use of telephone calling cards, or obtaining other goods which the criminal might be denied if he/she were to use his/her real name. (USDOJ 2012) Paying cash has major advantages when it comes to identity theft.
Paying for products with cash does not have huge flexibility when compared to other methods of payments. When you pay with cash you do not have a choice of making...