![]() This mode of payment also has different pros and cons. There are different types of cheques, such as Bearer Cheque, Crossed cheque, Stale cheque, Order Cheque, Open Cheque, Self Cheque, Post-dated cheque, Banker’s cheque, etc. A checkbook is given to a person when he opens an account in a bank. The cheque is considered one of the safest mode of payment as one does not have to carry a large sum of money all around. A cheque can be defined as an order to a bank to pay the stated amount of money on the cheque from a person’s account to the person whose name is mentioned on the cheque. It is difficult to make a large number of payments using cash.Īnother commonly used mode of payment is cheque.One needs to carry the currency of the country where he wants to make a transaction.People in day-to-day transactions frequently use this mode of payment.Īlso Read Communication Media: Definition, Types and Examples Cons of Payment using cash: The buyer makes the decided amount of payment using currency notes or coins to the seller to receive goods and services produced by the seller and as an acknowledgment seller provides a valid receipt of the bill. ![]() This mode of payment has been used by the traders since ancient times, and this mode of payment is still preferred by old age or less technology-savvy people. This is the simplest and commonly used mode of payment all around the world. ![]()
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