cbd cash onlineDecember 15, 2021
Note- All the account correspondence will be done on the above-mentioned details.
Commercial Bank of Dubai cash online was introduced by the Dubai eGovernment and Commercial Bank of Dubai to provide more convenient services to its account holders. It is a virtual bank account that can be operated through online only. It is developed and designed to facilitate online payments for government and non-government entities.
Vinay Kumar Goguru is a finance professional with more than 8 years of diverse experience as a researcher, instructor and Industry work experience with both public and private entities. Prior to MyMoneySouq, he spent 6 years in Berkadia, It’s a commercial mortgage banking company. He has a “Doctoral Degree in Commerce” and two master’s degrees with a specialization in Finance, one as Master of Commerce and other as Master of Business Administration. He has written several articles on personal finance, published by different International journals. He loves traveling, reading and writing is his passion. He has a dream of writing a book on his favorite finance topics.
Authorized signatory needs the below documents to complete the process.
Click on www.cbd.ae to register.
If you are an individual you can either visit the CBD branch or CBD counter along with valid ID either passport copy or an Emirates ID copy to register or otherwise, you can register online as mentioned above.
You can either register online and visit the branch to complete the process. You need to submit the documents such as company stamp and authorized signature.
Click here to know about Zero Balance Account in UAE.
To register in Cash online virtual bank account it just takes five minutes.
How to register?
After you enter your details select Register and your account will be created.
The following services are available for CBD Cash online.
If you are registering as a company then you can register by visiting the CBD branch or CBD counter in immigration offices.
We encourage our users to have discussion on questions they might have on financial products and help other users by sharing their insights. Kindly help us in making this site useful. We don’t encourage any spam posts here. This is a public forum, so we request you to be safe by not disclosing personal information such as bank account or phone numbers etc. Please follow our posting guidelines. All the comments posted under MyMoneySouq official account are not reviewed by the financial institutions.
Best Sources to teach you Financial Literacy.
For cash-on-delivery terms, goods are shipped before payment is made. For cash-in-advance terms, the seller requires the buyer to make the entire payment upfront in order to initiate the shipping process. This protects the seller from lost money for goods shipped without payment.
If a customer is dealing with a merchant in person, and the customer makes a purchase from readily available inventory, payment is collected at the time of sale as a form of cash on delivery. Under the accrual accounting method, this leads to a shorter accounts receivable period and higher efficiency.
For businesses, the main benefit of COD is that the payment period is shorter, and there is no delay in the receipt of cash. This protects businesses from the risk that a customer will not pay or pays late for goods and ensures reliable cash flow. For consumers, COD gives them additional time to fund the full payment. For buyers who do not have access to credit, COD allows them to make purchases they might not otherwise be able to make.
Cash on Delivery vs. Cash in Advance.
For merchants, offering a COD payment option may enhance consumer confidence in a new company that has not yet earned strong brand recognition. Generally, established companies are unwilling to assume the risks of COD shipping, opting for credit payment plans that charge interest and late payment fees.
If a company allows for COD shipping, it is willingly giving the customer more time to make a payment with somewhat less risk than a credit purchase.
Cash on delivery is when a buyer pays for goods or services once they are received. Cash in advance, on the other hand, is when payment is made before the goods or services are shipped—for example, an e-commerce credit transaction.
Buyers place an order, for example, on a website, and request delivery. The customer does not make payment while ordering the item and chooses cash on delivery as a payment method. Once the order is placed, an invoice is prepared by the seller, which is attached to the parcel. The parcel is shipped from the seller to the address provided by the customer. The customer pays the deliverer or shipper using cash or card. The COD amount is then deposited into the account of the logistics partner or shipper. The logistics company remits the amount to the seller’s account after deducting the handling charges.
Examples of cash on delivery are when customers pay for a pizza that is delivered to their home, when a courier delivers something that a customer has agreed to pay for when it is delivered, or when a customer picks up clothing from the dry cleaning store. Some online stores will allow cash on delivery.
Buyers may find it difficult to return items that do not meet expectations.
Cash in advance is the most common form of payment for online marketplaces, e-commerce, and international business trade. Whether a business chooses to use cash on delivery or cash in advance depends on its ability to assume risk. Larger businesses may offer cash in advance for buyers because their accounts receivable and collections processes are more advanced.
The method provides some protection from customers who might fail to pay or pay late.
For longer-term accounts receivable agreements, companies can set up COD shipping that allows the customer to defer payment until the time of delivery. On certain mail order platforms, such as eBay, COD can be used to help minimize the risk of fraud between buyers and sellers. Overall, COD does not require payment from a purchaser until they have received their purchase.
However, in some cases, COD has an advantage over credit since the seller receives the full payment at delivery. COD can also help merchants avoid some risks of buyer identity fraud, stopped payments, or electronic card disputes. In some countries, such as India, cash-on-delivery transactions are boosting internet commerce. COD transactions appeal to consumers who do not have established credit or alternative means for paying for goods.
COD typically has shorter timeframes to delivery than standard invoicing. This is beneficial since the customer is required by an intermediary to pay at delivery. With COD shipping, customers have time to collect the money to make a full payment. However, COD shipping increases the risk that a customer will not plan appropriately for payment, and the purchase will have to be returned. Returned purchases do not contribute to profits and may entail shipping return fees, both of which are disadvantageous to the merchant.
Cash on delivery (COD) is a type of transaction where the recipient pays for a good at the time of delivery rather than using credit. The terms and accepted forms of payment vary according to the payment provisions of the purchase agreement. Cash on delivery is also referred to as collect on delivery since delivery may allow for cash, check, or electronic payment.
What Is the Meaning of Cash on Delivery?
Greater risk of delivery refusal.
Cash on delivery improves cash flow and budgeting.
Returning items can be costly for sellers who lack return infrastructure and support.
For many businesses, in-person COD facilitates the immediate payment of goods and services. This is a significant accounting advantage because it can greatly shorten the days receivable for a business.
A cash-on-delivery transaction can take different forms and may affect a company’s accounting in different ways. Public companies are required to use the accrual accounting method under generally accepted accounting principles (GAAP). With accrual accounting, a company recognizes revenue at the time of the transaction and records the payment in accounts receivable if the payment is deferred. Private companies can use either accrual or cash accounting. In cash accounting, the company must wait to record the transaction as revenue until payment is received.
The payment period is shorter than with other payment methods.
This service supports the use of Dubai eGovernment’s ePay portal to settle the fees of government transactions, either through credit cards or through direct debit from the customer’s account with the five participating banks; namely, Abu Dhabi Commercial Bank, Dubai Islamic Bank, Abu Dhabi Islamic Bank, Union National Bank and Commercial Bank of Dubai, with the aim of providing more convenient options for customers in line with the Dubai eGovernment’s “Customer First” strategy.
Dubai eGovernment and Commercial Bank of Dubai (CBD) has launched “Cash Online”, a virtual account for both CBD and non CBD account holders to pay their government payments online.
He added: “Our co-operation with the Commercial Bank of Dubai to launch this new service follows the mounting success witnessed by the ePay portal. The amounts collected electronically from payments by credit cards totaled around AED3.3 billion out of the total amounts collected via the portal. This was coupled with the 10-fold rise in the rates of usage of the direct debit option from 54,538 transactions in 2010 to 522,815 transactions in 2011.”
The service is a new CBD product designed and developed for individual and corporate non-CBD account holders to open a free virtual account within minutes without the need to have a minimum balance following the submission of the required official documents. By virtue of this account, customers can now pay online for the fees of all Dubai government entities in a quick and hassle-free manner.
H.E. Ahmed Bin Humaidan, Director General of Dubai eGovernment, said: “We seek to ease the life of customers with Dubai government entities as much as possible in line with the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to provide innovative electronic channels of easy access anywhere and at any time. The accelerating pace of eTransformation in Dubai reflects the increasing adoption by customers of the ePay option to complete their government transactions on one hand and their rising confidence in the efficiency and safety of this option on the other.”
Meanwhile, Faisal Galadari, General Manager – Business Group at CBD, said: “Commercial Bank of Dubai focuses on serving customers with top-of-the-line technology. We realize how much they value time and efficiency. At Commercial Bank of Dubai, are pleased to support all eInitiatives that would serve customers and we have no doubt that this partnership with Dubai eGovernment will be of great benefit to both, our customers and DeG customers”.
ePay is part of Dubai eGovernment’s initiative aimed at offering online government services through innovative channels and providing the public and the business community with an efficient and secure mechanism for instant payment of government fees without having to waste time and effort.