Whenever you are taking card payment online or even making payment online, there are certain disadvantages to it as there is nothing perfect able in this world as there are some flaws available in everything as nobody is perfect.
If you own a business entity and want to take card payments online, then you will have to ready to face the consequences that come with it either it can be that the payment server is down and will take time to be able for payment, so your customers have to make payment by cash.
There are also people present in this world that will try to trick you into buying a credit card for yourself so that you can make payment easily even without balance in your account and will give you a fair interest rate which will please your ears at that time, but you will regret it afterwards you make a payment from it.
These are the trick of a salesman to make you interested in buying then you can’t close the credit card account till you have repaid the total amount of loan taken by you and also you can’t close your account till the end of your period.
These are the disadvantages:-
Card fraud:- If you find that there are fraud payments being made from your credit without your approval, then it is to be blamed on the business entity that has taken this payment as they only have access to the card’s details.
Then all the amount of payment made by that card is t be paid by that business to the respective card owner, and they even have to give that money back with some interest.
- Debt:-
If you are making payments from a plastic credit card, then you have to keep in mind that you don’t overshoot the payment made by you in the process as you have to pay it back with some amount of interest.
Lower the amount of payment made lower is the rate of interest while if you make a huge payment, then interest will also be very large.
- Security issues:-
Although they use a very encrypted way of making the payment in the server, the hackers use the method of phishing in which they will lie to you and make you give them your card details including your PIN so that they can make the payment for whatever they want.
Every company should have a biometric scanner as well as face ID scanner just like iPhone so that they can verify that it is you making that card payment.
- Increased business cost:-
To take payment from the card or even online, a company has to put up extra cost so that they can afford all the electronic things needed to accept payment from card or online.
The company have to pay for the purchase, installation and also for the security of the payments and interest made on every charge if they have outsourced it.
I hope you get the information you were looking for in this article.
