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Means of payment are different ways by which people settle debts or pay for goods and services. The most common means include:
Currency notes
Currency notes are paper money issued by the government or the central bank used as an official medium of exchange.
Coins
Coins are metallic forms of money, officially issued by the government, and are used as legal tender for smaller payments.
Cheque
A cheque is a written order from a bank account holder instructing their bank to pay a specific amount of money to a specified person or entity.
Registered post is a secure method of sending cash, cheques, drafts, or important documents through the post office by using specially provided envelopes or any envelope crossed vertically or horizontally for safety.
Key features of registered post:
i. Specified envelopes: Important documents must be enclosed in special or properly marked envelopes provided or recommended by the post office.
ii. Registration fee: A specific fee is charged to register the letter for security purposes.
iii. Compensation for loss: If the registered letter is lost, compensation is offered by the post office.
iv. No post box delivery: Registered letters are not delivered to post boxes; instead, the receiver is notified through a collection note.
v. Collection procedure: The receiver must produce the collection note and proof of identity to collect the registered letter.
vi. Prevention of wrong delivery: Special handling ensures that registered items do not fall into the wrong hands.
A post order is a special payment document sold by the post office in fixed denominations (like sh 10, 20, 50, 100) to transfer money safely.
Key features of post orders:
i. Fixed denominations: Post orders are available in specific fixed amounts.
ii. Payment via post office: A sender can pay money through any post office using a post order.
iii. Use of registered envelope: Post orders are usually sent in registered envelopes to avoid mishandling.
iv. Crossed like cheques: Post orders can be crossed to restrict their payment only through a bank, just like cheques.
v. Security of transaction: Using registered post adds more security to the transfer.
vi. Poundage fee: A small additional fee, called poundage, is charged for the service.
A money order is a method of sending money through the post office after filling out an application form and paying a fee.
Key features of money orders:
i. Application form: The sender must fill in a form to instruct the post office about the payment.
ii. Payment of money and fee: The total amount (money to send plus the service fee) must be paid to the post office.
iii. Receipt for sender: The post office issues a receipt to the sender as proof of the transaction.
iv. Delivery to receiver: The post office informs the receiver, who must present themselves to collect the money.
v. Proof of identity: Receivers must show proof of identity to collect the money order.
vi. Widely available: Money orders can be sent and received from almost any post office.
A promissory note is a written document in which one person (the maker) promises to pay another person (the payee) a specified sum of money either on a fixed date or on demand.
Key features of promissory notes:
i. Written promise: It is a clear written agreement to pay.
ii. Specific amount: The amount to be paid must be clearly stated in the note.
iii. Specified date: The date when payment is due must be indicated.
iv. Parties involved: It includes the name of the person making the promise (maker) and the person receiving the payment (payee).
v. Unconditional promise: The promise to pay must not depend on any other condition.
vi. Legal document: It can be used as legal evidence if the promised payment is not made.
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