Why is cash still king?
According to Business News2, there is a common misconception that cards are unsafe, or at least less safe than cash. Of course, there is some risk associated with cards: pin numbers can be scanned and used by fraudsters, cards can be swapped or copied, and there are phishing and other scams.
There is also a fear of newer payment methods such as mobile payments, and people are reluctant to hand over their personal and financial information to third parties with unfamiliar names or unfamiliar digital functions3.
However, these concerns notwithstanding, more and more people are making use of cards, online and mobile payment options in their daily lives. So, why are more patients not making use of such payment options too?
We explore the pros and cons, from the perspective of your practice, of four of the most popular patient payment methods according to the graph.