i. Standing order – Where the trader wants to make specific amount of money to a certain
business for a given period of time .This is mainly applied in payment of rents , Hire purchase etc.
ii. Credit card - where the customer may not want to carry large amount of money for security
reasons / where it is a business policy for the customer to use credit card.
iii. Credit transfer – when the business organization would like to pay many employees (earning
in the same commercial bank) using one cheque.
iv. Crossed cheque - where the business organization would want to ensure safety of payment
to the right creditor / person
v. Postal order – Where the business organization would like to make fixed payment which involve
smaller denomination.
gideon1 answered the question on November 2, 2017 at 06:22
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