Last week, the Better Than Cash Alliance hosted a breakfast at the World Economic Forum in Davos, Switzerland. According to Bloomberg Businessweek, several members of the organization from different nations laid out arguments for the benefits that using credit cards and electronic payments offer the world’s “poor and unbanked” population.
According to the Alliance, transparency is among the main reasons why these transactions are better than making cash payments. Not only does the ability to electronically and accurately track transactions help curb theft and corruption, it also reduces the risk of people being robbed for carrying large amounts of cash on them.
If all a criminal is likely to get from a mugging victim is a credit card that they may not be able to use – and most muggers are not necessarily skilled in the ways of credit card fraud – than they have less of a reason to attack someone. hence, the importance of POS card processing software that provides detailed transaction records.
One of the other key arguments put forth by the group is that individuals can begin to build a good credit history through credit card use and making payments on time. This will make it that much easier for them to secure loans for purchasing cars and houses, attending schools or starting their own businesses.
As more and more people move toward this way of handling personal finances, they will offer their patronage to establishments that accept a wide range of credit cards and can safeguard their private information against fraud. Credit processing software that can provide customers with both convenience and security will curry favor for businesses trying to remain viable in highly competitive markets.