Consumers prefer using cards over cash because they’re more convenient and secure. Plus, they put them in better control of their spending. Debit and credit card payment options are in high demand for their safety, ease of use, and options for racking up reward points.
Of course, the benefits don’t end there. For one, consumers can use a card for in-person and online purchases. Whereas with cash payments, consumers are limited to in-person transactions only. Plus, customers feel more in control when using a payment card, since they can access transaction tracking and spending alerts. Here’s a breakdown of the top reasons payment cards are better than cash:
Six Key Reasons Why Cards Are Better Than Cash
Security and Fraud Protection
Once cash is lost, it’s likely gone for good. But with payment cards, cardholders can easily lock, monitor, and replace a misplaced or stolen card, mitigating unauthorized transactions.
Convenience and Speed
Cash slows down customers and sales transactions. Rather than waiting in long lines at the register as customers count out cash, and staff count back change, consumers can use their payment cards for quick, tap-and-go payments, eliminating the need to handle cash or visit an ATM.
Online Compatibility
To book travel, pay for app-based services, and all other e-commerce needs, physical cash won’t fit the bill. A payment card is essential for countless services online.
Spending Insights and Control
Most debit and credit cards offer cardholders access to online dashboards or mobile apps, allowing them to track and manage their spending.
Access to Emergency Funds
Whether in a financial pinch or facing an unexpected expense, many card providers, especially credit card companies, offer cardholders quick access to emergency funds.
Builds Financial History
When cardholders use a card (especially a credit card) instead of cash, they can build their credit history, improving their access to necessary loans, lower interest rates, and more.
A payment card offers consumers a convenient spending solution that puts them in control of their spending and financial health. And flexible, prepaid payment solutions are benefiting consumers and businesses around the world.
Discover how Ready Credit’s prepaid card programs can help your customers reap the benefits of secure, easy-to-use, and trackable card payments.