Payment via a bank helps restrict the black market

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For buyers, paying for services via a bank is more secure and less risky. It also reduces the scope for disreputable operators.

More people paying via their bank makes it more difficult for service providers and traders to evade taxes. 

By reducing cash payments, transactions become more traceable, and this helps reduce the size of the black market in trade and services. 

More secure for buyers 

Paying via a bank offers you greater security. You avoid having large amounts of cash lying around at home, and you will be better placed when making claims and complaints. 

At the same time, if the seller wants you to pay via a bank, there is more likelihood that you are dealing with a reputable business operating legitimately. If you pay via a bank, you avoid the contributory liability that comes with cash purchases. This means that you do not risk having to pay tax and charges that the business you are dealing with should have paid.

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