Digitalization is a major feature in the financial field and lots of people now prefer to use cash free procedures in buying products or services online. All the local shops now accept payments through the credit or debit cards, enhancing the popularity of plastic money. There are many advantages of using cash free digitalized procedures than the usual monetary dealings with cash.
Primary notable benefits of using cash free techniques
Ensures financial safety while buying – When a person buys a product from a company and pays the price via credit card, he can expect to get the refund money from the credit card provider company, if by chance the concerned retailer company becomes inactive in the market due to some reasons. The customer may approach the law for his refund from the credit card company if it declines to do so.
- Permanent proof of purchase – The monetary statement printed on credit card bill is a solid proof of any purchase, where the payment is done through credit card, instead of the cash. So the customers need not panic even if the purchase receipt is lost.
- Guaranteed refund of paid price – When someone buys a product online and his purchased product is not delivered even after the payment is done online via credit cards, he should approach that credit card company for retrieving his money refund from that online selling agency. Usually, the credit card providers help their clients to get this kind of refund from the sellers.
- Keep a check on the expenditure – When the money is spent digitally through credit or debit cards, it is easy to keep track of the expenses by checking the credit card bills. Also, there is a tracking tool given by the bank or an app may be downloaded, through which all the cashless transactions can be summed up to find the total expense of a person in a month.
- Saves money on many purchases – Many banks and financial institutions often offer cashback money on most of the purchases done through their credit cards. So the buyer can expect a certain percentage of the paid cost price to return to his bank account, as per the rules of this facility. Thus, the customers can save a good amount of money on every purchase.
- Does not need to carry cash – Due to the facility of paying digitally via plastic cards or net banking, now people do not face difficulty in shopping even if they do not have enough cash in their pockets.
Hence, all these benefits have encouraged more people to go totally cash free in the coming days, using the digital procedures.