Offline Modes Of Payment System Details
Though the new generation is now focusing much on plastic
money and digital or online payments methods to buy and sell goods and
services, the offline modes of payments are also very much prevalent on a
regular basis for those people who find themselves comfortable with them. The methods
are simple and do not need you to remember any Internet banking password or
other significant details in case of an emergency. There is a personal touch to
these matters related to money or finance, and it is convenient for the who
trust the particular methods and cash handling more than the increasingly
popular mode of online transfers.
 |
| Modes of Payment |
People who have little time business attributes which need
immediate cash generally rely on the offline payment system like cash, cheque
(am. check) or ATM transfers. It relieves them of carrying around a laptop or
save the mobile banking application in their mobile phones for gaining access
to their finances. Some of the informal methods or modes
of payments that can be used when people are in need the have been discussed as
here under:
Cheque / Check
For those entities and individuals which have to make bulk
payment to their vendors and need some buffer time in hand before the relevant
money is taken off their account, cheque ( Am. Check ) is an excellent mode of
payment. You need to have the checkbook with yourself and pen to mark your
signature as and when required. However, it is not suitable for making
immediate payments in the times of emergency. There are various kinds of cheque
options available to people everywhere that can be put to different purposes.
- Order Cheques
- Bearer Cheques
- Post Dated Cheques (PDC), etc.
Manual Teller Deposits
You can also opt for the options of depositing cash in
account of the person concerned. It is a tedious method of transferring money
as you have to stand in a long queue but the actual time taken to reflect
the same in the account after you have deposited the money is quite little, and
thus, most of the people who are averse to the ideas of online transactions or
transfers use this method of payment.
ATM Transfers
You can opt for transferring the payment from one account to
another too with the help of ATMs (Automated Teller Machines) which are present
in every nook and corner of the cities or towns, and have also now reached
villages. This can also be used to make credit card payments of the same
account if you any how do not like the idea of depositing cash for the credit
cards used during the previous month.
How to overcome issues under offline modes of payment?
There are Central Banks of all countries taking care of this
as US Fed Reserve in the USA. Likewise, in India the Reserve Bank of India
(R.B.I.) appoints an official from its department to look into the daily
complaints of the people concerning payments made with the help of offline
modes as cited above. It is done concerning the Banking Ombudsman Scheme that
was launched in the country in the year 2006. 25 listed issues can be addressed
under this RBI’s scheme and people with little idea about the handling of
finances generally resort to this measure in case of any troubles. Some of the
common type issues have been discussed as below:
- Delay in the payment of cheques (am. checks) or drafts
- Non - payment of inward remittances
- Refusal in closing accounts, and so on.
Comments
Post a Comment