Payment using cash in a business

[KIP254]

Cash payment is where a legal currency is used as a means of payment. Cash payment may be in form of notes or coins. Notes are issued in different denominations from sh. 50,100,200,500 and 1,000. These ate legal denominations issued by the Central Bank of Kenya. When paying legal currency, it is advisable to use the right denominations. For a debt of sh. 10,000 it is better to pay using notes than coins as notes are convenient to carry.

 

[Alexandoy]

In our economic culture we pay cash when the transaction is minimal like up to $20 or more. But for big transactions like buying a tv or fridge we usually pay by credit card. It is now seldom to see cheque payments because they are subject to verification with the bank. The store will call the bank to inquire on the balance of the account before they accept the cheque payment. It is not advisable to pay in cash for big purchases like appliances.

 

[Jonaville]

In my country, any option is accepted. The use of credit card and still scars here so most times we buy I'm pay through cash or we do internet bank transfer or POS using our debit cards. But like the previous commenter has mentioned, when buying big and expensive things, it is usually not advisable to walk around with raw cash. So just carry your card and walk into the store, surely they will have a POS machine. Alternatively, you can just use your phone to do transfer, either mobile transfer or internet transfer. As long as the network is okay, everything will be cool

 

[btaliat]

Any means of payment is accepted in my country. But I only pay in cash if the cash is not much. I am not really comfortable with carrying much cash on me. I like doing transactions with my debit card because of the convininency. But there are many problems associated with using this method as payment. At times, bank may delay the the alert of the transaction. And of there is no mutual trust between the seller and the buyer, it may be a cause of misunderstanding. Paying cash into account is safer than using credit card or

 

[sincerem]

Cash payment is still better off if it will be accepted by the online merchant that wanna reward your services you offered to him or her. You reach agreement with him concerning the payment, then chooses to bargain to use the cash payment for transaction. I prefer Cryptocurrency PAYMENT than the cash payment type. Cos not all online merchant will go through stress to convert your country's fiat currency in older to pay you off for what you worked out. They will prefer to use general payment method to issue out payments.

 

[Deleted member 28873]

cash payment is preferable in a business transaction because it is fast and straight forward and compared to bank transfer.but it is impracticable in an online business and very stressful in online business .for an online business bank transfer,cryptocurrency ,mobile cash app are mostly usually suitable for online business.cash payment is usually suitable for store to store transaction or consumer to store transaction.They both have their advantages and disadvantages.

 

[Amthe]

Business is a very good way of source of income and has no limit on how many people visit you on a daily basis so it is advisable to use debit card, cash transfer ,POS and so many other to avoid stealing from thrives.

 

[Profwriter]

The volume of cash involved when people pay for your goods or services will determine if it is ideal to accept payment by cash or by online means. Also due to security situation, cashless payment or transaction is the most preferred, every business should look into cashless transactions to reduce the incidence of theft and avoidable losses which has brought so many businesses to their knees because money is the life line of every business.

 

[Good-Guy]

You can opt for paying someone through cash if you think that the customer is new. The problem is that when it comes to business, most of the people would like to get goods on credit terms, as this is the most preferable method. If you are selling goods in bulk quantity, then the customer may prefer credit. Otherwise, cash is the best option for both the parties.

 

[Chibson]

In the past few years the use of cash payment has drastically reduced due to the advancement of technology and of course many people has embraced mobile transfer. cash payment has a lot of advantage used in the sentence the cars can be stolen and of course, the inconveniences involved in carrying cash from one place to another. So I think, mobile transfers has taken over cash payment and of course many people are really enjoying it.

 

[Teatea]

Cash payment is slowly going into oblivion. Majority now adopt other cashless methods like transfer, card payments, POS, crypto currency payments and any other way. Personally, I prefer transfers using bank mobile apps or card payments, I only pay with cash when I'm left with no choice. Cashless payments is so easy and more safe, you can make transactions worth a lot without the other person knowing anything.

 

[eojo2401]

Electronic payment system is the best means of payment this time around because it gives tenable evidence for records and accounting purposes. But not withstanding, there are some financial transactions you still need to carried out with table payment. Where the beneficiaries doesn't have accounts number most especially when you are dealing with illiterate person, you have no choice than to pay him by cash or receive cash from him

 

[Kingsley]

For transactions that might be very large it will be better to make the payment online or through the banks rather than paying cash for safety reasons. But business ventures shouldn't reject payment made in cash for whatever reasons along as the currency carries the quality of what a good money should be. General acceptance.