Advantages and disadvantages of Brick and mortar banks in E-Payment

Delarose Pratesia Sundjoko – 2301906911

Advantages and disadvantages of Brick and mortar banks in E-Payment

In terms of the advantages of brick and mortar we can stop by or visit alone to ask the shopkeeper, there is comfort and personal experience if we come shop directly, and also we can access the vast ATM network without hesitation. Then next in terms of brick and mortar shortages is the fees and interest rates may not be competitive from the various existing stores, and most large banks pay almost nothing for their savings accounts. In addition, the government adopts an e-government approach that uses online services to allow them to fill in their own data through the websites we have and the data they have is maintained confidentiality by the government. Grocery stores and corner banks are examples of brick-and-mortar companies. Physical businesses have difficulty competing with most web-based businesses such as Amazon.com Inc. (AMZN) because the latter usually has lower operating costs and greater flexibility. But not a few also many consumers still prefer to shop and look around in physical stores. In a physical store, consumers can talk to employees and ask questions about a product or service. Physical stores have the ability to offer a shopping experience where consumers can test products the way they want such as buying a fashion product, trying it out, groping, and while shopping in the store. Physical businesses also provide instant gratification to consumers when purchases are made. On the other hand, if we look in terms of payments have also shifted with the times, where we used to spend more time by paying using cash now turned into cashless such as credit, emoney, etc. Some consumers also feel if they want to make a payment they will be careful in using credit cards or other forms of online payment. These customers often associate legitimacy with a physical business, as physical presence can foster a perception of trust. However, there are disadvantages for companies that run physical stores including costs associated with renting buildings, employees to conduct transactions, and utility costs such as electricity, heat, and water.

Source: https://www.pymnts.com/news/retail/2018/digital-payments-brick-and-mortar-mobile-checkout/