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Explain any five means of payment that are available to traders in Kenya.

Explain any five means of payment that are available to traders in Kenya.

Answers

johnson
(i)Cash
Use of notes and coins (currency) available in various denominations.
Its suitable to settle small debts.

(iii)Cheque
It is a written order/instruction by an account holder (drawer) to the
bank (drawee) to pay a specified amount of money to the named person (payee)
or to the bearer.

(iv)Bill of exchange:
It is an unconditional order, in writing, addressed by one person to another,
requiring the person to whom it is addressed to pay on demand or at a stated
future date, the sum of money on the bill to a named person or bearer.

(iv)Promissory note:
It is a document whereby one person promises to pay another person
a specified amount of money at a stated future date.

v)Money order:
A facility offered by the post officer. Sender fills in a money order form,
hand in the money to be sent and the commission to post office clerk who
prepare the money order which is then sent or taken to the payee.

vi)Postal order:
Postal orders are sold by the post office in fixed denominations.
Person sending money buys the postal orders and sends or takes them
to paye a commission is paid to the post office.
johnson mwenjera answered the question on February 11, 2018 at 17:31

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