Is cheque a suitable and safe means of payment.

[TOZZIBLINKZ]

A cheque is a bill of exchange or an order written by a person known as a drawer to a specified bank to pay on demand is specified sum of money to another person known as the payee on the cheque . it is important to note that for a check to be completely made the drawer must insert the name of the payee and also include the amount he or she is to be paid but in words and figure followed by the date and signature .

Small-scale businesses do not use checks as a bill of exchange but rather bigger companies and larger scale businesses do but the questions stands out is it a proper , safe or suitable means of exchange . Well for one thing payment by cheque provide convenience , because it is in paper form and might not be easily recognised by others compared to cash that could be easily recognised by people thereby leading to robbery attack or pickpocket .

Finally , The use of cheque to pay a large sum of money saves time and energy of counting cash , all you need is your checkbook and a Biro pen to include the amount to be redrawn the drawers signature and also they pay username it is pretty simple .

 

[Jasz]

Cheques are a form of payment that has been around for hundreds of years, and they are still used today, primarily in B2B transactions.

The cheque system is very complicated and involves many players, from the entity that issues the cheque to the entity that accepts it as payment. The entity who issues the cheque is called the "maker." The entity who accepts the cheque as payment is called the "drawee"; this can be either a business or an individual. If a business accepts the cheque as payment, it becomes a "banker."

When customers use their personal chequing accounts to pay bills, this is known as "chequing account debiting." When they write cheques on their personal accounts to pay bills, this is known as "cheque writing." When they write cheques on their business accounts to pay bills, this is known as "cheque drawing."

In order to write a cheque, you must have funds in your account. If you have no funds and write a bill anyway, you could be charged with fraud. The secret to writing safe and legal cheques is to never write one without having enough money in your account to cover it.

The world is digitized already so Cheque is not much in use like the old times, Cheques can take up to 10 days, but it's still a safe means of payment.

 

[Reinow6]

No, I do not think so. Currently there are better medium of money to good/service exchanges