Question

Identify precautions for accepting the types of payments: cash, check, credit card, and debit card.   

Answer 1

We need to keep the following things in minds while accepting the above mentioned payment modes

A) Cash :- While accepting payment by cash we should ensure that the amount which is actually payable on the invoice issued and also note down the details of currency denomination paid on the bill. Also we need to check the currency notes are not torn or any defect. We should always properly count cash before customer leaves to ensure reliability.

Cheque:- When we recieve payment by cheque, we should ensure that the cheque is written in our name or business name with which our account with the bank operates. Also no any spelling mistakes or corrections should be made in the cheque. We should always note down the cheque number and bank details for future. The copy of invoice should also include that mode that the payment was made by cheque.

Credit card and debit card:- While accepting payment through Credit or Debit card we should ensure that the amount is credited to the account. Also we should keep the records of the customers who pay through Credit or Debit card seperately to ensure any miscrepency.

Hope I am able to solve your concern. If you are satisfied hit a thumbs up !!