Integrated Family Community Services 3370 South Irving Street, Englewood, CO 80110-1816 Ph: 303-789-0501

Choosing The Right Payment Method

Paper or Plastic: The pros and cons of using cash, debit or credit. Learn which ones to use and when.

Choosing the Right Payment Method

Making any sort of purchases these days involves making a variety of choices, one of which is how you are going to pay for the item or service you are buying. Luckily, there are many different payment options available these days, providing most people with a convenient and easy option when it comes to making purchases. Some of the most common payment methods that you can choose from include:

Cash payments

For many people, using cash to make payments is the most convenient and simplest option. Cash is a payment option that can be used almost anywhere, doesn’t involve remembering codes and numbers and enables buyers to keep track of how much money they have left to spend on any given day. However, it does have its disadvantages, which include being cumbersome to carry around along with the risk of loss or theft.

Debit card payments

Debit card payments are very popular and they are used by many people who have bank current accounts. In order to make payments via your bank debit card, you need to have the cash available in your account – or risk exceeding your overdraft limit, which could result in hefty charges. The convenience, ease, and increased security of using credit cards make them a very popular option. However, there are risks to consider such as the risk of fraud, loss, theft, or simply losing track of what you have spent.

Credit card payments

With their convenience, ease and flexibility, credit cards are another popular payment option used by many both at home and abroad. Their convenience coupled with their enhanced protection stemming from the Consumer Credit Act makes them an appealing choice. The fact that repayments on purchases can be spread over a period of time also makes them popular amongst those who are unable to pay for their purchase in one go. However, one of the key downsides to credit cards is the risk of getting into spiralling debt. Those who do find themselves getting into debt may need to speak to experts such as the counsellors at Consolidated Credit.


In this digital age, it is little wonder that making payments via an Internet account has become so popular. When you open a Paypal account to make payments the main benefit is that the person or company you are buying from does not receive your card details, as these are kept secure by Paypal. You simply register your card with Paypal, make the payment via the service and the money is deducted from your account and paid to the other party by Paypal. However, do bear in mind that not all companies or individuals accept Paypal, although more and more are starting to.It is also important to note that typically Paypal chareges a commission on transactions.

These are just some of the commonly used payment methods around these days, with some others including bank transfers, direct debit payments, standing orders, and prepaid credit cards.

Jim prefers to be paid rather than making payments.

Tim Esterdahl

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