The advance of technology in South Africa has witnessed a change on how businesses conduct transactions with their consumers; this irresistible development means consumers will desist from moving around carrying hordes of cash. Electronic payment is fast becoming the means of performing every transaction using electronic cards thus shunning away from conventional ways of doing business.
Below is a list of card payment systems which are currently taking the toll in South Africa:
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Credit cards: These are paying tools that work by linking them with a credit card account which have a limit. This electronic device allows a consumer to purchase from shop outlets.
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Debit cards: These are connected to a deposit account like cheque, savings or transmission account. Worth noting is that there are different types of debit cards namely on line, PIN based category, the second type is the cheque card which is a printed credit card and the third type is the pre-paid debit card.
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Petrol cards: These cards were introduced following the refusal of credit cards at fuel garages. The petrol card does not only purchase fuel but goes as far as buying oil, paying for repairs and maintenance matters. It’s up to the card holder to link his petrol card to credit card account or current account thus making it a credit card or debit card.
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Corporate cards: They are offered by banks or other companies; they can only be used on company related things. There are not meant for personal use, the company is responsible for all the costs.
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Purchase cards: these are cards given to a few selected employees within a company whose business is to purchase goods and can only be used on a limited group of suppliers at a pre-determined and agreed discount rate.
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Charge cards: These are rare but the most known charge cards found in the South African market are Amex and Diners. These are classified as credit cards but they generally require the owners to settle any outstanding amount by the end of each month.
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Fleet cards: there are normally used by fleet management organizations. This card is connected to the to a fleet card system which does not only control credit or pre-paid but rather records, mileage, fuel consumption, vehicle maintenance, name of driver and other information.