explain briefly the ways of payment in online transaction
Answers
Cash-On Delivery: As is clear from the name, payment for the goods ordered online may be made in cash at the time of physical delivery of goods. 2. Cheque: The buyer may send a cheque to the online vendor.
Explanation:
The different ways of online payment are: 1. Cash-On Delivery: As is clear from the name, payment for the goods ordered online may be made in cash at the time of physical delivery of goods. 2. Cheque: The buyer may send a cheque to the online vendor. In this case, the goods are delivered upon realisation of the cheque. 3. Net-banking transfer: The buyer may instruct his bank to electronically transfer the amount from his account to account of online vendor. 4. Debit Card or Credit Card: Popularly referred to as ‘plastic money,’ these cards are the most widely used medium for online transactions. Credit card allows its holder to make purchase on credit. Later the issuing bank transfers the amount to the online vendors account and buyers account is debited. 5. Digital Cash: This is a form of electronic currency that exists only in cyberspace. This type of currency has no real physical properties, but offers the ability to use real currency in an electronic format.Read more on Sarthaks.com - https://www.sarthaks.com/588435/explain-briefly-the-ways-of-payment-in-online-transactions