About pay-now transactions
When you hear that popular shopping site say, “Pay Now!,” it might not be exactly that way. You might be paying for the item before it is delivered, so what you are doing falls into the category of pay-before. When you pay now, the exchange is done almost immediately. |
Payments made using cash are those that are pay-now, as the money is exchanged with the product or service. The payment method of using cash is the most traditional one of all. Whatever banknote and coins that you transact with, hard currency is still the most commonly used in several countries in the world.
But, it might come as a surprise to many that governments do prefer to do away with cash as it is expensive to make and even store. There is a need for vaults and security measures to be taken to guard the money. In certain cashless societies, around 90 percent of the money is digitalized. The cost of money is a lot higher than that of digital money, which is now the one of the biggest contributors to the fast-paced growth of the worldwide economy.
There are still shopping sites and retail stores that provide the cash-on-delivery (COD) option which is a pay-now method. There are still several stores that cannot simply offer online payment as their preferred payment method as it might not be possible for their customers to pay them.
When paying with debit cards, the payment transaction also is considered as that of pay-now because of the time dimension. Making an online payment using a debit card means that the funds are transferred nearly instantly to the account of the other person.
There are digital wallets that can store, send, and receive funds. These digital wallets, also known as electronic wallets or e-wallets, also fall under the pay-now method as the funds are as good as cash that can be used to make a payment transaction. Digital wallets nowadays are mostly peer-to-peer apps and enable you to pay with ease.
When we pay in the traditional manner by using cash, we get to complete the transaction right away. When you use digitized money, aside from saving effort, you can overcome distance. For example, you want to buy a cell phone but you want to check it first if it is working. So, you go to the office of that person who left it with the receptionist. You check it, and before getting it, send the payment to the person using a digital wallet.
Advanced payment solutions
When you use advanced payment solutions, there are also other benefits. You’ll get to know exactly how much money you have, down to the last cent. You’ll be able to pay the exact amount and no longer wait for change. However, if we used advanced payment solutions like that of paying using debit cards or digital wallets, we get to save effort as there is no longer any need to count out the bills and coins.