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Funding a business
Advantages and disadvantages of using a cheque as a mode of payment.
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[QUOTE="Jasz, post: 253472, member: 61772"] There are many advantages to using a cheque as a mode of payment. The main advantage is that it allows for the transfer of funds from one party to another, without requiring any other financial information beyond the name of the payee and the amount. This means that if you want to pay someone who does not have a bank account, or if you want to pay someone who does not have access to their account at a local branch, you can do so easily through cheques. Additionally, some banks offer their customers free cheque spending money in order to encourage them to use their services more often. The disadvantages of using cheques as a mode of payment include: 1. They cost money when they are written and sent back to the bank by an employee, which may be more than justifiable when compared with other modes of payment (such as bank transfers). 2. There is always an opportunity cost involved—in other words, there is always a cost associated with writing out cheques instead of sending money directly over the Internet or via mobile phones. [/QUOTE]
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Funding a business
Advantages and disadvantages of using a cheque as a mode of payment.
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