what are the major documents used in credit transaction
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!!
In banking parlance, Credit refers to a transaction where funds came into the account under question and Debit refers to a transaction where funds were taken out from the account. For ex: If your company deposits your salary into your bank account, it will be a credit transaction. Similarly, if you use your ATM Card and withdraw some money, it will be a debit transaction.
The banks that have the lowest transaction costs would be Credit Unions which typically do not charge transaction fees. Other banks such as HSBC have transaction fees that amount to $2.50 per transaction.
defenition of the national credit act
what are the major documents used in credit transaction
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
explain the difference between cash and credit transaction
Paying by cheque is a cash transaction. Assets: debit =increase credit=decrease
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
The transaction list displays an Approved status for the transaction
paper transaction is the transaction against which on credit or cash received or paid it is just in papers
credit
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.
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!!
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!!