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    Money - Methods of Payment

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    As a small business owner, with a storefront and Internet site, you must decide what method of payment you are willing to accept for your products and services.

    Discuss what methods of payment you are willing to accept and the benefits and risks associated with each one. Are you willing to accept the same payment methods at the storefront and on the website? If they differ, explain why.

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    Solution Preview

    In general there are four methods of payment:

    1. Cash

    Benefits - money is obtained upfront. No waiting for payment, or time to cash a cheque.
    Risk - small risk that the money could be counterfeit.

    2. Credit

    Benefits - ease of payment. Turn around time is very quick.

    Risk - not everyone has access to a credit card. The vendor generally ...