Write short notes on the following
Payment Mechanism
ANSWER:
The following are the different payment modes generally available to a trading website user.
i. Cash on Delivery (CoD) - Here, the payment is made in cash at the time of the delivery of the product.
ii. Cheque - The user makes the payment through a cheque. When the cheque is realised, the selected goods are then delivered by the seller.
iii. Net Banking - The user makes an electronic payment and transfers the correct amount to the bank account of the online vendor through the internet.
iv. Credit or Debit Card - The user can use a credit or debit card (also known as plastic money) to make an online payment.
v. Digital Cash or E-Cash - This type of currency has no physical existence. It is a system of purchasing cash in relatively small amounts and storing it in the computer system.
