Question

explain method of payment​

Answer 1

Answer:

Method of Payment. The way one pays for a transaction. The three most basic methods of payment are cash, credit, and payment-in-kind (or bartering). These three methods are used in basic transactions; for example, one may pay for a candy bar with cash, a credit card or, theoretically, even by trading another candy bar.

Hope it helps. Jai Shri Krishna

Answer 2

There are two types of payment method; exchanging and provisioning. Exchanging involves the use of money, comprising banknotes and coins. Provisioning involves the transfer of money from one account to another, and involve third party. Credit card, Debit Card, check, money transfers and requiring cash or ACH (automated clearing house) disbursements are all electronic payments methods. Electronic payments Technologies includes magnetic stripe cards, smart cards, contactless cards and mobile payments .