What are the various modes one may adopt to make payment for purchase of a product? Explain.
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barter system should be adopted.it is a also a kind of mode in which one can exchange good from others....
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The two methods of payment are
(i) Exchange method: In this method, a person purchases an item in exchange for hard money (banknotes and coins). Sometimes it involves exchange of item for item which is basically barter system.
(ii) Provision method: In this method, a person purchases an item by the transfer of money from one account to another. This mainly involves electronic payment methods like credit cards, debit cards, and cheques.
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