Terms of trade/ sales through bank e.g cheque, western union, money gram, electronic money transfer, transfer credit card. - SS3 Commerce Lesson Note
Terms of trade in sales through banks refer to the specific arrangements and methods used for conducting financial transactions. These terms of trade and methods of sales through banks provide individuals and businesses with different options for conducting financial transactions. They offer convenience, security, and speed in transferring funds, making it easier to make payments, send money to individuals or businesses, or manage financial obligations. It is important to understand the specific terms and conditions associated with each method to ensure smooth and secure transactions.
- Cheque: A cheque is a written order issued by an account holder instructing the bank to pay a specified amount of money to the person or business named on the cheque. It serves as a convenient method of payment as it allows the transfer of funds from the payer's bank account to the payee's bank account.
- Western Union: Western Union is a financial services company that provides a secure and quick way to send and receive money worldwide. It offers services such as money transfers, money orders, and bill payments. Customers can visit a Western Union agent location or use their online platform to initiate money transfers to recipients in different locations.
- MoneyGram: MoneyGram is another global money transfer service that allows individuals to send and receive money across borders. It operates through a network of agents and offers both online and in-person transfer options. MoneyGram facilitates secure and fast money transfers for various purposes, including personal and business transactions.
- Electronic Money Transfer: Electronic money transfer, often referred to as electronic funds transfer (EFT), involves the electronic movement of money from one bank account to another. It can be done through various channels such as online banking, mobile banking apps, or wire transfers. EFT provides a convenient and efficient way to send and receive funds, eliminating the need for physical cash or cheques.
- Transfer Credit Card: A transfer credit card allows individuals to transfer outstanding balances from one credit card to another. This is typically done to take advantage of lower interest rates or promotional offers. By transferring the balance, the individual can consolidate their debt and potentially save on interest charges.