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10 alternatives to cash payment

Which mode of payment do you prefer the most?
By Entrepreneur Staff |

Cash is good but carrying it brings a lot of risks and inconvenience. Entrepreneur Philippines listed down 10 alternative ways to help make cash management easier and more convenient for both consumers and entrepreneurs.

Here are the 10 non-cash modes of payment that you can use for your business:

1. Bank deposits
Customers who have any kind of account at any banking institution are allowed to withdraw and deposit money, following general verification rules. All transactions, deductions, and additions on the account, are duly recorded in the owner’s bankbook.

2. Credit cards
A credit card is a plastic card issued by a bank or a credit union that allows the cardholder to use it as a form of payment for goods and services. This kind of non-cash payment allows the customer to buy up to a certain limit, with a promise of paying the credit issuer back on the given deadline.

3. Xoom
An online money transfer service, Xoom requires customers to sign up for an account on its web site, free of charge. Instant access to this site allows you to send and receive money from all over the globe just as long as you have a Paypal account or a credit card.

4. MoneyGram
MoneyGram is a money transfer service that allows Filipinos to send cash abroad the same way that they can receive money from loved ones working overseas. With around 207,000 agents in 190 countries, the service puts a premium on their customers’ convenience. All you have to do is go to any MoneyGram outlet, bring at least two identification cards, and fill out some forms. You can transact business at any outlet.

5. Smart Money
Accessed through a Smart mobile phone or a Smart Money MasterCard, this is similar to a debit/cash card. The service is a re-loadable payment card that enables Smart subscribers to manage their money from their mobile phones. Subscribers can do their purchases online, buy cellphone credit, send and or receive money, all through Smart Money. Activate your account by following the steps indicated in its official website.

6. Sodexo
In March 2003, French multinational company Sodexo and SM Investments Corp. opened a joint venture to cater to corporate clients and corporate incentive programs. Incentive and motivation programs comprise employee benefits, trade channel or retail promotions. With over 4,000 retail partners and service establishments, the Sodexo gift and meal vouchers can be given as reward vouchers, or configured into packaged incentives.

7. Western Union
With more than 135 years in the money transfer service, Western Union has become known for its efficient, timely and friendly service in over 200 countries. To receive and or send money, just locate the nearest Western Union agent in your area using the “locator” found in its website. Confirm relevant details, present your I.D. and claim or send your cash.

8. LBC
LBC was the first to introduce the 24-hour air cargo delivery service, which now covers over 800 locations nationwide and 90 overseas. Sending packages, documents and parcels to relatives here and abroad are immediately delivered just within days of placement. LBC services include courier, remittance, bills payment and express solutions.

9. GCash
Globe Telecom’s GCASH lets Globe and TM subscribers to send and receive money, make online transactions, pay bills and any other money-related transactions—all using SMS. GCASH transactions could be made by subscribers who have an active account. You can visit their web site and follow the simple steps to open your own GCASH account.

10. Paypal
An accessible online payment service, PayPal securely sends and receives money from customers whenever purchases for goods and services are made. With PayPal, you can check out online stores like eBay and Multiply.com shops and choose what credit card you’d like to use as you make a transaction. There are no charges when opening a PayPal account. Likewise, money transfers from your bank account to your PayPal account require no extra fees.

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