134k views
2 votes
Every time you owe a person or business money, you have options for how to pay them. List 3 factors you should consider when choosing a payment type.

User Jospratik
by
7.0k points

1 Answer

2 votes

Answer:

Availability of Cash in hand and ease of payment.

Record maintenance.

Data security.

Explanation:

When a person has to pay someone for the goods or services then he may have multiple payment options available to choose from. He may choose to pay cash as it is the most easiest and frequent way of payment. If the invoice is not available then the person paying cash may concern about record maintenance and for this purpose he may choose cheque of payorder options to involve bank as a witness of the payment. If the person wishes to pay online for the procurement of goods or services then he may observe security issues. The data entered may be leaked. The details of credit card may be hacked if the website is not secure.

User Kirsty White
by
7.3k points