![]() The main benefit of paying in cash is that there is no fee. ![]() When accepting a cash payment it’s important for the transfer of goods or services to occur at the same time (if applicable). How to Send Money Electronically (free).Should the payment qualify as a tax-deductible purchase for the payer, the individual will require the receipt when itemizing deductions on their income tax return. The business providing the product or service should retain a copy of the receipt, be it physical or digital, for the purpose of tracking sales or services rendered. Due to there being no electronic evidence of a cash transaction, a receipt is the only way to verify that funds were paid to the receiving party. A cash payment receipt proves that a product or service was paid for with physical currency.
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