Quote:
Originally Posted by will76
Since the people in these countries don't use checks, what do they use??? Credit cards and Cash? A LOT of B2B brick and mortar companies in the US use checks. Its very common when a vendor delivers product that the company write them a check opposed to having to deal with cash.
How is this done in the rest of the world that doesn't use checks? I'm not talking about online, but all offline businesses.
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You get get an invoice. This invoice carry a unique number (KID, OCR, etc. diff names in diff countries) You get n number of days to pay the invoice. When you pay this invoice (mostly online these days) you punch in this UIN together with the recipients name and address (usually stored). Hit enter and off it goes. All electronically. Now and then you are required to pay cash up front or via CC. Thats usually happens if you have a poor credit report or similar.
For some fixed things like rent etc you can set up recurring debits from within your online banking. The diff from N. America is that it is the opposite of pre-auth payments. You don't authorize anyone any kind of access to your acct. You control at all times your own debits.
For everyday purchases I'd say 90% uses debit cards linked directly to their account.