Convenient and reliable, credit cards are one of the most popular payment options in the retail world. In fact, Americans love using their plastic so much that they’re responsible for nearly 25 percent of all debit and credit cards in the world.
Yet, are you ever better off using cash instead?
It depends on which side of the transaction you're on.
As a consumer, credit is usually the preferred choice:
Gift cards represent a safe and convenient way for customers to buy the products and services they love. In fact, Americans are so enamored with this payment option that in 2014 alone, they collectively bought $124 billion worth of gift cards for friends and family.
By the end of 2015, the United States will join the rest of the world in adopting EMV credit cards as the standard for in-store retail purchases. Short for Europay, MasterCard, and Visa, each EMV comes with a security chip that must be present to initiate a transaction. To complete a purchase, customers must either:
Interactive voice response (IVR) is a popular phone technology that allows users to speak their choices rather than typetheir selections with a touch-tone pad. IVR is most commonly used for things like technical support.
The main benefits of IVR technology are cost and convenience:
Tokenization is a popular security technology used to protect consumer credit card data from thieves and hackers.
But how does tokenization work? And what are the main advantages of this payment solution?
When customers swipe their credit or debit cards at the checkout counter, their personal account numbers (PANs) aren’t stored in the merchant's payment system. Instead, these 16-digit PANs get replaced with randomly generated token IDs.