PayPass and Other Great Credit Inventions
In the really old days, stores would offer credit and take care of it on their own, tracking purchases made by people and doing all the work for them. In the not so old days, your shopping options were limited to the stores around you and you had to provide plenty of identification with your credit card, sign receipts every time, and if your card was stolen, too bad. You were stuck paying for every cent. Today, credit has taken a drastic turn for the better, using newer forms of technology to enable people to buy anything, anywhere, at any time, as well as making for fast payment, little hassle, and just recently, a lot less liability.
Within the past year, MasterCard has come up with an even newer credit invention. PayPass cuts out signatures or PIN usage entirely (as long as the purchase is under $25 – anything more and for your safety, they make sure a signature or PIN matches). You no longer have to dig into your wallet for that 43 cents in change, or tote around a lot of cash. All you do is use your card or key fob, touch it to a special payment reader, and you’re ready to go. Just take your purchase and receipt and you can be on your way.
And the best part? Some people prefer to use their credit cards for large purchases instead of several little ones. No worries – there is also a debit card option for PayPass. So if you are in the store and just decide on a pack of gum, tap your card and just like that, you have gum and the money is automatically taken from your account. It saves time when it comes to ATM machines or taking time to type in your PIN, accepting or turning down cash back, and accepting the purchase.
PayPass is still young in the credit world, with only a certain number of payment readers throughout places in the country, but they are quickly gaining speed. Even if there aren’t any readers in your area yet, you can still use your PayPass card as you normally would with a quick swipe in a credit reader.
Another great credit invention can be found online through PayPal as well as other similar services. Sites like PayPal allows you to enact multiple credit transactions through any number of sites, both for sending and receiving. Online stores that do not have their own credit processing have been using site like PayPal in order for people all over the world to purchase their products in a matter of minutes. Faster payment means faster product deliveries, which in turn makes for happy customers.
And let’s face it – online stores themselves are great credit inventions. They can save you hundreds of miles on your car and allow you to pay right from the comfort of your own home. You can shop anywhere in the world without leaving your chair! Without credit cards, it wouldn’t be possible; online shops have simply expanded the versatility a credit card (and debit card) can offer.
You might also consider the new offers companies have decided upon as great credit inventions. These can include better rewards (from gift cards to airmiles without blackout dates or other restrictions), little to no liability should your card become lost or stolen, and fraud monitoring. With all the companies are willing to do to make customers use their cards and stay happy, what will they think of next?