A cash transaction uses currency (dollars and cents) to pay for products or services. A credit transaction means that you are posting the transaction to a credit card or loan. In this case, the merchant gets paid (often the next day) for products or services rendered, and you pay the loan issuer or credit card company back. Sometimes, there are fees involved (a percentage of the transaction amount) to use a credit card - especially if you don't pay the issuer back within the established terms, which is called interest and finance charges.
Happy spending!!
processing a transaction includes involves cash or non transaction and concept of different between two?
With Credit card you have to pay the credit company back later, cash is paid and over with if used.
Paying by cheque is a cash transaction. Assets: debit =increase credit=decrease
A cash transaction is actually using money you have at the time ; A credit transaction is spending money that you don't actually pay immediately , but at a later date
Purchase with a credit card is not considered a cash transaction, as the person making the purchase does not pay for the item until they pay their credit card bill, which may not occur until much later.
explain the difference between cash and credit transaction
processing a transaction includes involves cash or non transaction and concept of different between two?
With Credit card you have to pay the credit company back later, cash is paid and over with if used.
A cash transaction uses currency (dollars and cents) to pay for products or services. A credit transaction means that you are posting the transaction to a credit card or loan. In this case, the merchant gets paid (often the next day) for products or services rendered, and you pay the loan issuer or credit card company back. Sometimes, there are fees involved (a percentage of the transaction amount) to use a credit card - especially if you don't pay the issuer back within the established terms, which is called interest and finance charges. Happy spending!!
Paying by cheque is a cash transaction. Assets: debit =increase credit=decrease
A cash transaction is actually using money you have at the time ; A credit transaction is spending money that you don't actually pay immediately , but at a later date
paper transaction is the transaction against which on credit or cash received or paid it is just in papers
paper transaction is the transaction against which on credit or cash received or paid it is just in papers
Purchase with a credit card is not considered a cash transaction, as the person making the purchase does not pay for the item until they pay their credit card bill, which may not occur until much later.
paper transaction is the transaction against which on credit or cash received or paid it is just in papers
Cash is money. Credit is a delayed form of payment. Overdraft is based on credit and is also a delayed form of payment.
When you purchase with credit cards, the transaction is on credit while when you purchase with debit card, the transaction is considered cash sale because the amount is directly deducted from your bank account.