cheque or cash!
Today’s blog post is called cheque or cash! As we all know, there are different ways to buy things. And there are advantages and disadvantages to each method of payment. Some people prefer to pay with cash, whilst others prefer to pay with a cheque and we are going to talk all about that today!
Which do you prefer, cheque or cash?
What are the advantages to paying with cash? What are the disadvantages?
What are the advantages to paying with a cheque? What are the disadvantages?
A cheque is a document that orders a bank to pay person B a specific amount of money from Person’s A account. So for example, Amaka wants to pay for Toju’s services.
She could pay with cash. But she doesn’t have enough cash on her. And so she takes out her cheque book and writes Toju’s name and the amount she wants to pay Toju.
Toju will then take the money to her bank and the bank will give Toju the cash.
Paying with a cheque is a convenient way to pay, as you don’t need to carry lots of cash around and you don’t need a POS. However, for the person receiving the money, they will need to go to the bank to get the money, which may not be convenient for them.
So as you can see, there are pros and cons to both methods of payment