Transactional law attorneys routinely note that the two primary advantages of using commercial paper (negotiable instruments, bank checks, etc.) is that the business owner has lessened her exposure to fear of loss or theft and that the business owner also has established a clear record for the preparation of financial statements such as tax returns, annual and quarterly reports, etc.
With the advent and explosion of electronic commercial transactions, especially via the internet, do these two advantages remain intact?
With identity theft pervasive, is it safer simply to use cash as much as possible?