What does IOC mean in ACCOUNTING

IOC stands for "Insist On Cash".

When a seller insists on cash, it means that they require customers to make payments in the form of physical currency - in other words, using cash - rather than making payments with credit cards or other forms of digital payment.

Sellers may prefer cash because it is a simpler and more secure form of payment. They also may not have the capability to process electronic payments like credit card transactions.

Yes; if sellers insist on only accepting cash, they are running the risk of losing potential customers who do not have enough money to purchase their products or services in that manner. Additionally, processing only cash poses security risks for the vendor, as there is no tracking system in place and no way to prevent theft or fraud.

It depends; while insisting on limited forms of payment can be beneficial from a security standpoint, it can also limit the number of potential customers. For this reason, most vendors choose to offer multiple types of accepted payment options in order to increase their customer base and attract more sales.