Louis Wynn D2Comparison of different payment systemsI will write a report on the different payment systems used. This will include the advantages, disadvantages, comparison and I will conclude which payment system I would recommend for cuckoo. Payment systems are used by customers and businesses to transfer funds from one account to another. Advantages of a Payment System The cuckoo advantage of having a payment system would be to easily send funds within seconds via an internet payment service. This means that cuckoo receives the money in its bank account immediately and can then ship the item within the same day. Another benefit of having a payment would be convenience since online trading provides 24/7 activity. Having electronic payments means that cuckoo will be open 24/7 so they can receive payments at any time from customers. One of the main advantages of electronic payments (online payments) would be efficiency. They are efficient because they provide a good trace of where the money has been spent and received. This provides good accountability, meaning that cuckoo can refer to payment trails when checking the money it has received. Disadvantages of Payment Systems When using electronic payments there is always a risk that your online account could be hacked and funds diverted to another account. Online banking means that online banks contain your personal data. If that bank were to be hacked, your personal data could be stolen, including things like your identity... medium of paper... heavier than PayPal's fees. When sellers use Nochex they can get their money relatively quickly and within one day. The downside to Nochex is that not many people use it compared to PayPal and there is still a security risk of personal data being breached, meaning your Nochex account could be drained of its balance. Recommendation to Cuckoo I would recommend cuckoo to use PayPal and credit cards. These are the two most used payment methods, which means that most people will be able to purchase on the cuckoo site. They present security risks, such as hackers, but no online payment system is completely 100% guaranteed not to be hacked. Hacking is also rare and probably wouldn't happen to a watch sales company. I suggest implementing PayPal and credit card because they are both a convenient way to make online payments.