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Commerce Exam  >  Commerce Questions  >  the payment mechanism typical to e-businessa)... Start Learning for Free
the payment mechanism typical to e-business
  • a)
    Credit and Debit Cards
  • b)
    Cash on Delivery (CoD)
  • c)
    e-Cash
  • d)
    Cheques
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
the payment mechanism typical to e-businessa)Credit and Debit Cardsb)C...
The correct answer is c.
e-cash is a computer generated internet based system which allows funds to be transferred and items to be purchased by credit cards, cheques or by money order, providing secure on-line transaction process.
Community Answer
the payment mechanism typical to e-businessa)Credit and Debit Cardsb)C...
The payment mechanism typical to e-business is Credit and Debit Cards.




Explanation:





E-business refers to conducting business transactions online, and in this digital era, online shopping has become increasingly popular. To facilitate online transactions, e-businesses use various payment mechanisms. Among these, the most common and widely accepted payment method is through credit and debit cards.





Credit and Debit Cards:



  • Credit and debit cards are widely used for online payments as they offer convenience, security, and ease of use.

  • Customers can enter their card details, including the card number, expiration date, and CVV code, during the checkout process on an e-commerce website.

  • These details are securely transmitted to the payment gateway, which then processes the transaction and verifies the card details with the respective bank.

  • If the card details are valid and the customer has sufficient funds, the transaction is approved, and the payment is processed.

  • Payment gateways play a crucial role in securely transmitting the card details and processing the transactions.

  • Popular payment gateways include PayPal, Stripe, and Braintree, among others.

  • Once the payment is successfully processed, the customer receives an email confirmation, and the e-business owner is notified of the successful transaction.

  • The funds are typically transferred from the customer's bank account to the e-business owner's merchant account, which is linked to their business bank account.

  • This payment mechanism ensures quick and seamless transactions, allowing customers to make purchases without the need for physical cash.

  • Furthermore, credit cards offer an additional layer of security, as they often come with fraud protection and chargeback rights, allowing customers to dispute unauthorized transactions.






In summary, credit and debit cards have emerged as the most popular payment mechanism in e-business due to their convenience, security, and ease of use. They enable customers to make purchases online without the need for physical cash, providing a seamless shopping experience.
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Study the following hypothetical transactional detail of Mr. Keshav and answer the given questions:On 31st March, 2019 the bank column of the Cash Book of Mr. Keshav disclosed an overdraft balance of ₹8,300. On examining the cash book and bank statement you find that:• Cheques were deposited into the bank for ₹16,000 but of these cheques for ₹4,600 were cleared and credited in April 2015.• Cheques were issued for ₹7,500 out of which cheques for ₹6,000 had been presented for payment in March 2019.• In March Mr. Keshav had discounted with a bank a bill of exchange for ₹10,000 and had entered this amount in the Cash Book, but the proceeds credited as shown by the Passbook, amounted to ₹9,600.• No entry is made in the Cash Book of an amount of ₹6,100 directly deposited by a customer in the bank accounts.• Bank Column of the payment side of the Cash Book was undercast by ₹1,000.• Payment of Insurance premium of ₹2,000 and receipt of insurance claim of ₹8,000 appear in the Passbook but not entered in the Cash Book.• A cheque for ₹3,500 issued to Mr. Kapil was omitted to be recorded in the Cash Book.• A cheque for ₹2,800 issued to Mr. Darshan was entered in the cash column of the Cash Book.The amount not entered in the cash book as it was directly deposited in the bank by a customer will be recorded as a ________ item in the bank reconciliation statement.

Study the following hypothetical transactional detail of Mr. Keshav and answer the given questions:On 31st March, 2019 the bank column of the Cash Book of Mr. Keshav disclosed an overdraft balance of ₹8,300. On examining the cash book and bank statement you find that:• Cheques were deposited into the bank for ₹16,000 but of these cheques for ₹4,600 were cleared and credited in April 2015.• Cheques were issued for ₹7,500 out of which cheques for ₹6,000 had been presented for payment in March 2019.• In March Mr. Keshav had discounted with a bank a bill of exchange for ₹10,000 and had entered this amount in the Cash Book, but the proceeds credited as shown by the Passbook, amounted to ₹9,600.• No entry is made in the Cash Book of an amount of ₹6,100 directly deposited by a customer in the bank accounts.• Bank Column of the payment side of the Cash Book was undercast by ₹1,000.• Payment of Insurance premium of ₹2,000 and receipt of insurance claim of ₹8,000 appear in the Passbook but not entered in the Cash Book.• A cheque for ₹3,500 issued to Mr. Kapil was omitted to be recorded in the Cash Book.• A cheque for ₹2,800 issued to Mr. Darshan was entered in the cash column of the Cash Book.Which of the following amount will be shown in the plus item column of the bank reconciliation statement with regard to the cheques that were issued but not presented to the bank?

Study the following hypothetical transactional detail of Mr. Keshav and answer the given questions:On 31st March, 2019 the bank column of the Cash Book of Mr. Keshav disclosed an overdraft balance of ₹8,300. On examining the cash book and bank statement you find that:• Cheques were deposited into the bank for ₹16,000 but of these cheques for ₹4,600 were cleared and credited in April 2015.• Cheques were issued for ₹7,500 out of which cheques for ₹6,000 had been presented for payment in March 2019.• In March Mr. Keshav had discounted with a bank a bill of exchange for ₹10,000 and had entered this amount in the Cash Book, but the proceeds credited as shown by the Passbook, amounted to ₹9,600.• No entry is made in the Cash Book of an amount of ₹6,100 directly deposited by a customer in the bank accounts.• Bank Column of the payment side of the Cash Book was undercast by ₹1,000.• Payment of Insurance premium of ₹2,000 and receipt of insurance claim of ₹8,000 appear in the Passbook but not entered in the Cash Book.• A cheque for ₹3,500 issued to Mr. Kapil was omitted to be recorded in the Cash Book.• A cheque for ₹2,800 issued to Mr. Darshan was entered in the cash column of the Cash Book.The amount of cheque not credited until April 2015 will be recorded as a _______ item in the bank reconciliation statement.

Study the following hypothetical transactional detail of Mr. Keshav and answer the given questions:On 31st March, 2019 the bank column of the Cash Book of Mr. Keshav disclosed an overdraft balance of ₹8,300. On examining the cash book and bank statement you find that:• Cheques were deposited into the bank for ₹16,000 but of these cheques for ₹4,600 were cleared and credited in April 2015.• Cheques were issued for ₹7,500 out of which cheques for ₹6,000 had been presented for payment in March 2019.• In March Mr. Keshav had discounted with a bank a bill of exchange for ₹10,000 and had entered this amount in the Cash Book, but the proceeds credited as shown by the Passbook, amounted to ₹9,600.• No entry is made in the Cash Book of an amount of ₹6,100 directly deposited by a customer in the bank accounts.• Bank Column of the payment side of the Cash Book was undercast by ₹1,000.• Payment of Insurance premium of ₹2,000 and receipt of insurance claim of ₹8,000 appear in the Passbook but not entered in the Cash Book.• A cheque for ₹3,500 issued to Mr. Kapil was omitted to be recorded in the Cash Book.• A cheque for ₹2,800 issued to Mr. Darshan was entered in the cash column of the Cash Book.Where will the payment of insurance premium be recorded?

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the payment mechanism typical to e-businessa)Credit and Debit Cardsb)Cash on Delivery (CoD)c)e-Cashd)ChequesCorrect answer is option 'A'. Can you explain this answer?
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