Credit Cards, Debit Cards, Stop payment order

Credit Card: Nowadays sales through Credit Cards are a very common feature. Credit Cards are issued by different banks like Citi Bank, Standard Chartered Bank, State Bank of India, Canara Bank, and others Presently available most popular Credit Cards are - Visa Card, Master Card, American Express Card, and others.


Debit Card: A Debit Card is similar in appearance to a Credit Card and is offered in a similar way in payment for goods and services.

The Main difference is that in the case of a Debit Card such payment is debited to the holders Bank account is exactly the same way as a cheque.


Stop payment Order: Sometimes cheques are lost or stolen. The account holder of the lost or stolen cheque should issue a payment order to the bank stating the details of the cheque (e.g. cheque no., date, amount, etc). After issuing the stop payment order, the original entry should be cancelled by reversing the entry.