What types of payments could be processed by a small business using electronic banking? Describe the process and any controls needed to safeguard the transaction.
How is a credit card payment (assuming standard retailer/customer relationship) recorded in the general journal? When does the transaction (sale of goods or services) get recognized? And how does delayed payment by the customer on the credit card impact the retailer that generated the transaction?
How has the shift to non-cash payments impacted the business? Have you seen any issues or concerns? What are some of the benefits for the consumer - and for the business?