It is also used for making payments, but there are some key differences between the two methods. What is a Money OrderĪ money order is a financial document similar to a check. There are certain times when a money order can be the preferred method of payment. If you’ve never used a money order, and you can’t even think of why you ever should, it’s an option you may want to explore. Most are unaware of the fact that they’re still commonly used by millions of people. Money orders have become an almost forgotten payment method. It is difficult to compete with the lightning speed of electronic payments via online banking, credit and debit cards. Actually, it is a pretty efficient system and is much better than cash – particularly if you want proof of payment,
If it becomes lost, the tracking number helps you to cancel to old Order, and issue a new one instead. The institution then gives you a receipt with a tracking number that follows the document until it is all settled and cashed out. You write in the name of the recipient, as well as your name. When you buy one from an institution, you even fill it out like you do a check. Money orders are similar to personal checks, only a lot less risky – to you and the person you want to pay. You can give it to a person or business as a form of payment. You pay money to a business upfront, and they provide you with a document, guaranteed for a specific amount of money. Think of money order as a check, only better. More importantly, it will help you make a smart, informed choice about where to buy money orders – and help you spend less. Now, you might be thinking to yourself – why would anyone want to use a money order, can I even get a money order near me? Below, your questions will be answered. There are instances and circumstances where they can be the best option to pay someone. But, the lowly money order has a lot going for it – even if it seems primitive and stone age in today’s fast pace. Checks, bank transfers and credit cards are by far the most common ways to pay bills.
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