An example of a retailer that is using the same approach to attract and retain customers is when stores and shops use purchase-ready devices, such as an Apple Pay scanner or any other form of credit-card reading machine, to allow their customers that do not have physical money on their person at the time of a purchase do continue with the transaction. This allows both the seller and customer to have a smooth business transaction without the hindrance of not having physical cash on one’s person.
Some of the benefits of these types of devices include the swiftness and efficiency of such a transaction for both the seller and the customer; allowing the customer to fulfill the transaction without it concluding as a loss to the seller. If he/she/it is incapable of receiving such a payment through any means, it opens up the possibility of services that were previously unavailable to be bought/sold using other forms of payment, to now being available, such as small pop-up shops that have no need for proper registers or cashiers. With such ease, the seller can save money on physical registers, office training etc. and simultaneously make a larger profit than before with the opening of a new source of acceptable payment.
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Unfortunately, there are some drawbacks that come along with the development of these devices, such as the chance that someone’s card information can be stolen using another card-reading device carried by an individual, and identity theft a strong aftereffect. There’s also the likelihood of the card-reading device used by the seller to malfunction or act up in some way that the customer’s bank account is negatively impacted as a result. This can be a minor inconvenience to both seller and customer going through the process of refunding or charging once more, and can oftentimes hint at a larger problem with the device is this occurs multiple times over the course of its usage.
Though the pros and cons of these card-reading devices are relatively equal, it is ultimately safer to say that there’re more cases of these devices doing a lot better for the seller and customer, than bad for either parties; or that it is an example of technology taking over the world and ruining lives and bank accounts in its wake.
- Dalenberg, A., & Blum, J. (2012, August 13). Retrieved November 17, 2016, from https://www.entrepreneur.com/: https://www.entrepreneur.com/article/224181
