for the person receiving the money ,what is the advantage of online transaction compared to a cheque?
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online transaction helps in fast internet banking but cheques can be anytime bounced
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There are several reasons for preferring online transactions when compared with cheques;
Online transaction can be executed at anyplace and it can allow us to transfer funds among the different accounts much more promptly. But the person can face consequences if they lost cheque and it can results in robbing the bank account if the cheque found by the person of the same name whose name is mentioned on the cheque. Moreover, Online transactions can save time because cheques need to be dropped at banks for clearance of funds. Several times there are fraud which was done by giving cheque because they can be bounced.
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