TechTrendy Payment Methods Quiz

Why did TechTrendy decide to expand its range of payment methods?

• To increase the price of their products

• To reduce cart abandonment rates and attract more customers

• Because they wanted to remove credit card payments

• To focus only on cryptocurrency payments

Which of the following payment methods did TechTrendy introduce?

• Cash on delivery

• Only credit and debit cards

• Digital wallets, BNPL services, cryptocurrency, and local payment methods

• Bank transfers only

How did adding new payment methods impact TechTrendy’s cart abandonment rate?

• It increased by 30%

• It decreased by 30%

• It remained the same

• It doubled

What was one benefit of adding buy-now-pay-later (BNPL) services?

• Customers had to pay for products upfront

• It discouraged people from shopping

• It made purchases more affordable with flexible payment plans

• It increased transaction fees for customers

How did cryptocurrency payments help TechTrendy?

• It allowed them to remove credit card payments

• It discouraged international customers from shopping

• It attracted tech-savvy customers interested in decentralized payments

• It made purchases more expensive

How does using a credit card affect your credit score?

• It has no effect on credit scores

• It can help build your credit score if used responsibly

• It automatically lowers your credit score

• It makes it impossible to take out a loan

Why might someone prefer to use a credit card for large purchases?

• Credit cards always offer discounts

• Credit cards often come with fraud protection and purchase insurance

• Debit cards have higher interest rates

• Credit cards do not require repayment

What is a risk of using a credit card that does not apply to a debit card?

• Overdrawing money from your account

• Having to pay interest on borrowed money

• Being unable to make online payments

• Credit cards do not work abroad

In what situation might a debit card be more beneficial than a credit card?

• When someone wants to avoid debt

• When someone wants to build their credit score

• When someone needs to make a large purchase on credit

• When someone wants to apply for a loan

What is a Direct Debit?

• A one-time payment made using a credit card

• A payment method where money is automatically taken from your bank account on a set date

• A type of digital wallet

• A payment made by cash in-store