We’ve never been so spoiled for choice when it comes to the different ways we have to pay for things.
Despite predictions of its demise, cash is still widely used by the public (and will be for the foreseeable future).
A huge 185 million cheques were also written in 2020, proving that the cheque book hasn’t been banished to dusty drawers just yet.
But while some payment methods provide us with greater consumer rights when things go wrong, others could leave you paying more.
This becomes particularly important if you are attempting to get a refund from a business due to a dispute.
Here’s my guide on what to watch for.
Bank transfers
Online banking has become so universal that nowadays we think nothing of transferring money to friends and family using smart devices.
Bank transfers are easy to do and the introduction of ‘two-step verification’ means there are extra checks in place to ensure that the money is going to the right account.
Most banks will alert you to common scams during this process. Read these and make sure you’re satisfied before making any payment.
One type of bank transfer is through the Faster Payment System, introduced in 2008, which allows money to go to the other person’s account more or less instantly.
While bank transfers are convenient, they can pose a problem; scammers know that the transfers are hard to recall…
