D2 PresentationElectronic Cheque By Gavin Harris, Daniel Wright

Electronic Cheque- Introduction

In this task I am going to Explain the following Parts of Electronic Cheques;

Explain and Description

Advantages

Disadvantages

Comparison

Conclusion

Explain and Description of Electronic Cheque.

Same as a normal paper cheque

- Works very similar to paper cheque

Instant Transaction.

- Money is taken straight out the account

Advantages

More reliable

- Cant be lost or damaged

- Eliminates simple mistakes (Signatures)

Less costs

- Cost of stamps and envelopes is eliminated

Instant verification and 24 hour access

- Customer and seller get verification message

Disadvantages

Non-Reversible

- Once transaction is complete it is non reversible

Not as Secure

- You could send to anyone with a simple mistake

Comparison

In Comparison to other payment systems;

Not as secure- Compared to PayPal/ NoChex

More secure- Compared to Credit/Debit Card

Less Protection- Compared to all others

Conclusion

In conclusion we have found that each different payment method has its own positives and negatives which will suit different types of purchases. For example a certain payment method might offer the consumer more protection depending on the characteristics of the purchase they are making.

Characteristics include the price involved or the overall product. Is the price a significantly high price that requires protection and is the product something that might need to be returned.

Based on the characteristics the consumer should check the protection that each payment method provides so they can choose the appropriate one.