This type of payment card for businesses is not only in the form of cash because there are other tools that can be used to provide convenience in transactions.
The emergence of various types of payment instruments is of course the impact of the progress of the times and the sophistication of the technology that is currently available.
This is of course very beneficial for customers so they can choose the type of payment instrument that can be used for shopping. As a business owner, of course, you also understand the types of payment instruments that can be used to complete customer orders.
Types of Payment Cards for Businesses Based on the Method of Payment
1. Debit Card
The use of this debit card is a payment card that can be used to run a business that is already commonly used by the public to carry out transaction activities. A debit card is an electronic card that has been issued by a bank as a form of facility provided to savings or checking account holders.
The use of this debit card can be used for various types of banking transactions through ATM machines and shopping at stores that do have EDC swipe machines.
When this debit card is used, of course, it will immediately reduce the amount of funds from your savings or checking account and make it a debit card to make transactions more practical.
2. Credit Card
The existence of this credit card is a type of payment card for businesses that is widely used by the public as an electronic card that has been issued from a bank or other financial institution to be given to its customers so that it can be used as a means of payment and cash withdrawals.
How to use it is actually not much different from a debit card because you can use it to shop according to your needs.
However, from the system itself it is a debt to the institution that issued the credit card and usually the credit card issuer will issue a separate policy regarding the limit on the nominal amount that can be used by customers.
The total number of transactions that can be used by customers with credit cards can also be accumulated for a certain time, such as for a period of 1 month.
3. Charger Card
This charge card is a card for making payments for business transactions which is very similar to a credit card in terms of its structure and function.
However, there is also a very important difference to note, namely the holder is required to pay off the bill of payment to the card issuer all at once so that there is no interest to be paid.
Meanwhile, credit card holders may pay off in stages or in installments by paying the interest charged. The use of this one card is generally given to customers who have high credit scores.
4. Prepaid Card
A prepaid card is a type of payment card for businesses that can be carried out in terms of its characteristics, it is very similar to a debit card because the funds can come directly from the holder. In this case, there are also no bills that will come later, such as credit cards or charge cards.
When using this card, the funds that are the source of payment must be transferred to the card first without the need to use an account number, so this card is better known as a prepaid card.
If you want to use it again, of course, this prepaid card must be top up first according to the needs of the user to carry out transaction activities in the business he is doing.
Types of Business Payment Cards Based on Their Forms
Actually, there are only two main payment cards, namely credit cards and debit cards. However, charge cards and prepaid cards are only used as derivatives.
However, credit cards and debit cards can still be divided into two types based on their form, namely physical and virtual. The explanation of physical and virtual cards is as follows:
1. Physical Payment Card
This physical payment card is a type of payment card for businesses that can be used by all people. The existence of credit cards and debit cards has a physical form like a regular card.
In using this type of card, it consists of a front side and a back side which have their respective characteristics:
Front side
• There are 16 digits of the card number
• Chip to make the payment process more secure
• Include the name of the cardholder
• There is a name as a card issuer
• The validity period of the card is stated
• Displayed the logo of the network card
Back side
• Has a signature pool for cardholders
• There is a magnetic stripe to carry out transaction activities abroad
• There are three digit verification numbers, namely CVV or CVC
• Have the address of the credit card issuer
• There is a credit card issuer’s name or logo
2. Virtual Payment Cards
The existence of this type of card has a virtual version of using a debit card or credit card. The function of the availability of this card is actually the same for carrying out transaction activities from businesses carried out by many people but not in the form of a card.
So that the use of this one card can usually be used in carrying out transaction activities carried out virtually or digitally. This card also offers a relatively good security and expense management system compared to the physical version.
Other Types of Payment Instruments
1. Check
A check is a type of payment card for businesses that can also be used as an instrument containing an unconditional order for the bank to maintain a customer’s account in order to pay a certain amount of money to a certain person appointed by him.
The check is in paper form in order to make payments legally by fulfilling the requirements in accordance with the provisions in force.
2. Giro
Giro is a type of payment that is used in carrying out transaction activities as a deposit of another party at a bank which can be used as a means of payment and withdrawal by check, ATM card, means of ordering for other payments as well as how to transfer giro cards as a type of payment card for businesses.
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