The Various Payment Choices for Consumer Transactions

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Payment Choices for Consumer Transactions Purchasing goods and services involves a transaction where payment is exchanged for those goods or services. The choices made by a purchaser will not only involve choosing which purchases to make, it will also include choosing how to make that payment. For most transactions there are a choice of payments methods, these include cash, credit or debit cards, checks, for online payments there are payment services such as PayPal, and more recently there are the mobile payment transfers supported by Smartphone technology. Not all sellers will accept all forms of payment; but the choice is certainly convenient for many consumers. Undertaking a personal assessment over a period of seven days the results can be assessed to consider the way payments are made and assess personal behavior and attitudes towards different payment options. The results recording transactions for a period of seven days is shown in table 1 Table SEQ Table * ARABIC 1 Payment method for transactions over a period of 7 days Number of transactions Percentage of total transactions Cash 12 42.86% Debit card 14 50.00% Credit card 1 3.57% PayPal 1 3.57% Total 28 100.00% When reviewing personal, prior to recording the transaction, the expectation was for a significant dominance of debit card payments. However, while these accounted for 50% of the transaction the level of cash used was much higher than expected. In most cases the cash transaction were

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