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Means of payment a trader uses to settle his debts
i).Cash-where a trader accepts or uses currency notes and coins for payment
ii).Bills of exchange –where a trader discounts or uses an acceptance bill of exchange to pay.
iii).Debit cards that allows traders to make payment without carrying money
iv).Money order-means of payment provided by the postal corporation on request.
v).Cheque –order to the bank to pay the person named the amount indicated in the cheque
vi).Postal order – means of payment sold by the postal corporation in fixed denominations.
vii).Credit transfer- means of paying a large group of people using a single cheque
viii).Standing order- An order by an account holder to his bank to pay a fixed sum of money to a named person /institution until the order is revoked.
ix).Credit cards that allow traders to make payments without carrying money
lydiajane74 answered the question on October 23, 2017 at 07:55
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