BeTiCe Ltd is a newly formed, UK based retail company. The company will specialise in street fashion accessories for both men and women, and will commence trading in three months, once a number of retail outlets have been refurbished. At a recent management meeting the company financial director proposed that the company should use a non card payment system – particularly a Pay By Touch EFT system – for payments by customers. He was however unable to provide precise details of how such a system would work.
Required
Provide a brief report to the company’s management committee and explain:
§ how a Pay By Touch system would operate,
§ the main stages involved in implementing a Pay By Touch system, and
§ the main advantages and disadvantages of such a payment system.