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What are the advantages and disadvantages of the various types of payment?
Wiki User
∙ 8y ago
Cash..Advantages:It is flexible. Can be used among peers, can be used in secret trades, most places accept cash
Disadvantages: It can be stolen physically, if it is stolen, it can be spent by anybody, Difficult to use.
Check...Advantages: It is safe from physical theft because only the person who the check is written for can cash in the money.
Disadvantages...Many places don't accept checks
Debit Cards...Advantages:Easy to use. Except for very small businesses, they are accepted.
Disadvantages: There is the risk of a big loss of your money due to theft. Can be used for distant purchases.
Credit Cards...Advantages: Safe form of payment, can be used long distances
Disadvantages: There is the possibility of spending more than you can pay. Least widely available form of payment.
Wiki User
∙ 8y ago
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