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Cash, debit card or credit card for payment

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  • Cash, debit card or credit card for payment

    In the course of procurement of products, the three most likely means of payment are either cash payments, use of credit card or debit card. It's only on rare occasions that wire transfers are used depending on the amount of the transaction carried out. From observations so far, it's more or less only a handful people are still availing themselves to the use of cash payments. Most companies are making use of online payments either with the use of credit cards or debit cards mostly for security purposes.

    What's your favorite means of payment?

  • #2
    For medium size companies, it is very rare for purchases to be on cash payment. Usually the purchase is delivered on credit of 30 to 60 days and the payment would be in checks and post-dated (by 30 to 60 days). Only small companies get the opportunity of cash payment and credit card or debit card payment depending on the magnitude of sales from one customer. Hardware products fall into this category because we also pay by credit card when we purchase construction materials from big hardware stores.

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    • #3
      The structure of most business enterprises goes to a very long way in determining how its business transactions are carried out and how payments are made. A company that operates on a large scale will definitely not deal with its transactions on cash payments because it would require a substantial amount of money which is risk prone to be moved about. It's just those new growing small scale business establishments that welcome the prospect of cash payments.

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      • #4
        I guess the type of payment is not much of an issue with the supply chain industry because of the bulk purchases that it is quite abnormal if you will be paying in cash. The check (or cheque) and credit card are the usual means of payment that is accepted by the seller especially now that credit cards are easy to handle on the part of the seller and buyer as well. For me, I would readily accept credit card payments provided that I have the facilities to handle it.

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        • #5
          Originally posted by Alexandoy View Post
          I guess the type of payment is not much of an issue with the supply chain industry because of the bulk purchases that it is quite abnormal if you will be paying in cash. The check (or cheque) and credit card are the usual means of payment that is accepted by the seller especially now that credit cards are easy to handle on the part of the seller and buyer as well. For me, I would readily accept credit card payments provided that I have the facilities to handle it.
          As long as there is nothing like the credit card being declined when trying to use it for payment, then it's all good. I have witnessed a situation where the use of credit card failed as the buyer's credit card company was declined for reasons I know nothing about. Most people here prefer to use debit cards since it's what at least more than 70% of the population are comfortable with.

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