Question

The best medium of payment is ​

Answer 1

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Today's monetary system allows for payments to be made with currency. Currency, which has simplified the means of economic transactions, provides a convenient medium through which payments can be made, and it can also be easily stored.

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Answer 2

Answer:

Best mode of payment is the Credit cards, they are the most secure and safe method to the payments.Credit cards use online security features like encryption and fraud monitoring to keep your accounts and personal information safe.Credit cards are an essential financial tool that enables its holders to make purchases and have the luxury of paying back the amount later. A credit card comes with a bank-approved credit limit, and the holder must pay back the amount due on the due date, which is mutually decided by the bank and the holder.

Other modes of payments:

• Debit Cards:Debit cards withdraw money directly from an attached bank account. This form of payment usually doesn’t come with annual fees and does not charge payees interest.
• Automated clearing house:Automated Clearing House (ACH) transfers are electronic, bank-to-bank money transfers that provide a fast and convenient way for businesses to pay vendors and receive payments from their clients.
• Cash:Exchanging cash remains a simple (albeit cumbersome) payment option used by both local markets and major companies
• Paper checks:Paying via paper check is a convenient way to make large financial transactions. The payer can also cancel the payment until the payee presents the check to the bank, adding extra security.
• e checks:This mode of payment can be processed faster than a paper check and may offer lower processing fees than certain credit cards.
• Digital payments:All of these payments enable money to be transferred from one account to another electronically. Customers appreciate these payment options for their fast transaction speed and the reduced dependency on cash.
• Money orders:Usually issued by a government or banking institution, money orders are certificates that allow your business to receive cash on demand.