The iPhone 7 Plus is a mobile phone developed by Apple. It was released in Australia on September 9th, 2016. The durable good has 5 different finishes to choose from: Jet Black, Black, Gold, Silver and Rose Gold (see images below). The phone weighs 188 grams, and its dimensions are 158mm x 78mm. It has a 5.5 inch screen with retina display and is also water, splash and dust resistant. The iPhone 7 Plus also has an advanced technology camera, including features such as optical zoom at 2×, digital zoom at up to 10× and 12-megapixel wide-angle. The chip is an A10 Fusion chip with 64-bit architecture with embedded M10 motion coprocessor.
TWO METHODS OF PAYMENT
Two methods of payment to use for purchasing an iPhone 7 Plus are cash and EFTPOS (Electronic Funds Transfer at Point of Sale).
One of the advantages of using cash is that it is paid in full when you buy the phone – there is no over-hanging debt to be paid off. Another advantage is that it is used everywhere – every retailer accepts cash and there is never the problem of being unsure if a certain store will receive your cash or not. There is also zero risk of overspending when using cash, because the maximum amount you can spend is the cash available in your wallet. For example, if the salesperson tries to convince you to buy a more expensive model, you are limited to only spend a certain amount (the cash you have in your wallet). However, by carrying a large quantity of cash, there is a high risk of it getting lost or stolen. It is also a bulky article to be carrying around at one time.
An advantage of using EFTPOS, is that it’s convenient and easy. You only need to be carrying around a small, lightweight card, therefore obviating the need to look for the nearest ATM (or the fees you may get charged for withdrawing cash). EFTPOS is also accepted by most retailers, so the convenience of carrying the card is available in most places. However, by utilising an EFTPOS card, there is an increased risk of subjecting yourself to credit card fraud, either by the retailer skimming your details whilst making the purchase, or the retailer being hacked and someone stealing your personal information. Another disadvantage of using an EFTPOS card is the risk of getting in debt and paying high interest fees if you have not paid off your borrowed money by the end of the interest-free period. You are also susceptible to impulse buying and overspending by paying for accessories or more expensive models that you cannot afford.
Therefore, if I was to buy an iPhone 7 Plus, my preferred method of payment would be EFTPOS. This is based on the convenience and ease, and that the risk of fraud is relatively low in comparison to the high risk of carrying a large sum of cash and the possibility of having it stolen or losing it.