Advantages Recognised in loads of places, flexible and easy to use
Disadvantages Benefits are unknown to many people
This is not going to be a long winded epic from me just a short and sweet opinion on a truly delightful wonder.People are more used to living with Switch but due to various reasons it may be necessary for financial institutes to issue customers with Solo. Solo was launched on 1st July 1997 as the baby sister to Switch.
Solo is a fully electronic debit card that can be used to purchase every day good conveniently and easily; more than 5.02 million people now use it and by the end of 2001 it is suspected 6 million people will be using Solo.However, Solo offers a new level of financial control and reassurance: every transaction is authorised, so cardholders can only spend what is available in their account. This financial control with Switch-style convenience has brought sophisticated personal banking to new groups of customers, this is convenient for people who have never had a debit card before, people under 16 years of age and people who may be susceptible to money problems.
So how exactly does Solo work?Solo works in the exact same way as every day Switch, it has been integrated to use the same system as Switch and can be used in over 375,000 outlets throughout the UK, on the telephone, mail order and more importantly it is becoming widely acceptable over the Internet. Cardholders can also use it to get cash back at supermarkets.
When carrying out a transaction in store or over the phone etc. your card will be swiped or your details checked electronically, your transaction would be sent to your card issuer for authorisation. Once the issuer has received the request they will check to see that you have available funds to make the purchase. The funds will be removed form your account immediately and the receiving organisation will get them 1 – 2 days later.With Solo being so easy to use and indispensable to carrying cash it is much safer giving cardholders flexibility and freedom whenever they shop. With every single transaction having to be authorised you know you are in more control of your money. You do not have to continually pay that visit to the ATM you can easily get cash back at the till.
© Squidget 2001.
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|Ease of Application|
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