GENERAL KNOWLEDGE

Detailed explanation-1: -The three most common types of payment in today’s market are credit cards, debit cards, and cash. Credit and debit card transactions involve fees paid by merchants to the card companies, but they tend to involve larger purchase amounts than cash transactions.

Detailed explanation-2: -Payment is the exchange of money, goods, or services for goods and services in an acceptable amount to both parties and has been agreed upon in advance. You can pay with cash, a check, a wire transfer, a credit card, a debit card, or even cryptocurrency.

Detailed explanation-3: -Cash includes “coins and currency of the United States or any foreign country. For some transactions (PDF), it’s also a cashier’s check, bank draft, traveler’s check or money order with a face amount of $10, 000 or less."

Detailed explanation-4: -Cash (bills and change): Cash is one of the most common ways to pay for purchases. Personal Cheque (US check): These are ordered through the buyer’s account. Debit Card: Paying with a debit card takes the money directly out of the buyer’s account. Credit Card: Credit cards look like debit cards.