Cash or credit? No one can really say which one is better. Individually, it serves its own set of advantages and disadvantages. But let’s try to assess each method of payment as it is applied in the Philippines’ Online Shopping Mall, Lazada.
Cash on Delivery – It’s Lazada’s own spin to the traditional cash payment. Since Lazada is done over the Internet, paying over the counter which is how cash payments are normally transacted becomes impossible. To be able to make customers experience the same type of convenience over the counter payment offers, the e-commerce industry gave birth to the process of Cash on Delivery simply referred to as COD. Customers process their orders over the Internet. It is upon the delivery that customers are asked to surrender their payments. It is by far the closest to over the counter payments offered in online shopping. Cash on delivery allows customers to suspend their payments up until the day of shipment. This gives buyers enough time to collect the money for payment. Shipments take up to 3 days for all deliveries located within metro Manila and a span of 3 to 5 days for deliveries to be delivered elsewhere.
Credit card – Takes into consideration the universal VPN providers, MasterCard and Visa. Since it’s still done over the Internet, the process is a little different but generally serves the same purpose. Customers can pay in either debit or credit using their general credit cards under either Visa or MasterCard. Instead of the usual swiping of card like in stores, online payments simple require the submission of credit card details before submission of the order. Personal information such as financial details stay private through a system specifically made for online transactions. This is backed up by PCI-DSS, a security governing body that is known for screening the security and eligibility of e-commerce websites.
Both methods of payment are convenient in its own way. While others settle for methods that don’t necessarily make things easier for them as it should, some companies aim to come up with payments that favor customers rather than the other way around. In the span of 5 minutes, transactions can be submitted and processed all at the same time. Customers do not have to line up or wait in line for their turn. One obvious benefit of online shopping is its ability to entertain concerns all at the same time and be able to give quality service each time. Like all things in the world, all concepts, features or activities present both benefits and threats. But it all boils down to just how suited the form of payment is to the lifestyle of the buyer.
Companies are very strict when it comes to online transactions especially payments that happen overseas. This is why both ends serve as essential components to make every transaction succesful. Given the number of online users in the world, it requires a high end form of technology to be able to contain so much information in so little time.