Question:medium
Briefly explain the different modes through which the merchant collects payments from customers.
Briefly explain the different modes through which the merchant collects payments from customers.
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Modern payment systems include cash, cards, and digital methods like UPI and wallets.
Updated On: Mar 27, 2026
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Solution and Explanation
Topic: Payment Methods in Retail
Step 1: Understanding the Question:
List the various ways a retailer (merchant) can receive money from a buyer.
Step 2: Detailed Explanation:
1. Cash: The traditional physical currency method.
2. Cards (Debit/Credit): Swiping or tapping cards at a POS terminal.
3. Digital Wallets/UPI: Using mobile apps like Google Pay or Paytm to scan QR codes.
4. Net Banking: Transferring funds directly from a bank account (common in e-commerce).
5. Cheques: Used primarily for large B2B transactions.
6. COD (Cash on Delivery): Paying at the doorstep upon receiving a product.
Step 3: Final Answer:
Merchants collect payments via cash, electronic cards, digital UPI/wallets, and online bank transfers.
Step 1: Understanding the Question:
List the various ways a retailer (merchant) can receive money from a buyer.
Step 2: Detailed Explanation:
1. Cash: The traditional physical currency method.
2. Cards (Debit/Credit): Swiping or tapping cards at a POS terminal.
3. Digital Wallets/UPI: Using mobile apps like Google Pay or Paytm to scan QR codes.
4. Net Banking: Transferring funds directly from a bank account (common in e-commerce).
5. Cheques: Used primarily for large B2B transactions.
6. COD (Cash on Delivery): Paying at the doorstep upon receiving a product.
Step 3: Final Answer:
Merchants collect payments via cash, electronic cards, digital UPI/wallets, and online bank transfers.
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