What Are The Importance Of Payment By Cheques?


2 Answers

Connor Sephton Profile
Connor Sephton answered
Here are some of the reasons why transactions by cheque (check) are important:

• It is the most secure way in which payments can be made. There is nothing more secure than a check. If you are paying over the internet you may find that there are going to be many different problems with the websites and the systems that you are using, there is also the danger of having someone hack into your account and it becoming a legal case which is not going to be ideal for anyone.
• Only the person who has signed the check can ensure that it is paid in successfully. You can also be sure that they amount on the check cannot be changed as this is going to make the check unacceptable and no bank is going to be able to cash it.
• This leads onto the fact that the check cannot be tampered with. This is going to put anyone's mind at rest as they know that if they are paying for something or trusting someone to pay a check in, that the amount cannot be changed and that there is not going to be any more money missing out of the account that shouldn't be.
• As signatures are also needed, you can be sure that any check you need to pay cannot go through without you signing it. This means that you know that you are in control and that there is going to be no money coming out of your account without you knowing about it.

Paying by check is one of the most secure ways in which payments can be made as no one can hack into them or change them as the bank is not going to accept the check. You can ensure that the money is not going to go anywhere without your signature and permission which is going to put your mind at rest and ensure that there are not going to be any problems with the transfer of the money.
Ellie Hoe Profile
Ellie Hoe answered
Cheques are important because they provide alternative means of holding cash for the cash owner. A person cannot hold money in the amount of millions. It would be too unsafe to carry or travel with having money in bulk amount, in that case cheques provide easier and safer medium to hold cash. A person holding cheque can cash his amount by going to the bank and can get its money. The money transactions become quite easier with cheques because of which most of the organizations and entities prefer to have cheques rather than cash in hand. Moreover transfer of money from one individual to another individual becomes quite easier with the usage of cheques.

Answer Question