credit card
- Created by: naomicsuter
- Created on: 28-03-16 15:52
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- Credit card
- allows businesses to accept lots of different currencies, which is important if they trade in other countries
- payments can be made online
- customers more likely to spend more or impulse buy because they can spread the payments
- the business' employees can pay for expenses when they are working, rather than having to use their own money and claiming it back
- risk of fraud is reduced, especially with PIN
- customer can spread the payments
- can offer insurance protection to the business if something goes wrong with the purchase
- money can be borrowed
- interest rates can be high, especially when using credit cards to borrow cash
- can be expensive to set up in the first place
- business doesn't see the full value of the transaction
- customer may be fined if payments are late
- additional costs of staff training
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