Please give in details if you can:

Money order:
Wire Transfer:
Personal Check:
Pre-paid Company Check:
Cashier's Check:
Purchase Orders:

And if there is any other payment method is being used over the internet and not mentioned here, please mention it and explain what does it mean

Money order: Basically like a check, expect this is legal tender. You get these from banks, postal offices, etc. and are pre-paid funds designated for the person/company mentioned in the PAY TO THE ORDER OF space.

Wire Transfer: Direct deposit from one bank to another; or, money transferred via companies like Western Union. Basically like mailing cash in a safer manner.

Personal Check: Exactly as it sounds, a personal check. Checks are not legal tender, they are promisary notes. They are basically telling you that "so and so person" is going to pay you "such and such money" when you put it in your bank.

Pre-paid Company Check: I would venture to guess this is the same as a bank draft. Pretty much the same as a money order.

Cashier's Check: Never used them or gotten one, so I don't want to guess on this.

Purchase Orders: A promise from you to someone/some company that you want to buy something as described in the order for the amount listed in the order.

Edit: explained above :-)

Thank you so much VanHost

Great explanations, VanHost. :)

One note - on the cashier's check one - a cashier's check is a secured check because the amount of the check is first deposited by the individual to the issuing bank. The issuing bank then writes the check to whomever the individual wants to pay.

Thus, this is generally considered a "safe" check that won't bounce.

However - there have been forgeries done of cashier's checks by fraudsters so it is always best to first verify that it has cleared just like any other check prior to shipping merchandise.

Chris - Would a cashier's check then be similar to a bank draft and/or Pre-Paid Company Check?

I'm not really clear on the "pre-paid company check" one - if he meant just a business check vs. a personal check.

BTW - congrats on your marriage. I'm sure a bunch of us here on the forum would throw some virtual confetti on your username or .sig if we could to help celebrate. :)

Thanks Chris, let it fly :D

http://www.webhostingtalk.com/showthread.php?s=&threadid=329635

Quick question on the money order thing. I just got one yesterday for the first time. Usually get paid online or by wire transfer. Anyway do I cash it at the post office or at the bank?

Just deposit it to your bank account like cash, it's as good as... :)