COD Full Form
The Full form of COD is Cash on delivery or Collect on delivery. COD is a monetary/financial transaction where the payment of products or services received by mail order is done at the time of actual delivery by the customer rather than in advance. If the customer does not pay for the goods at the time of delivery due to any reason, the same are returned to the retailer. The term COD, originally applied only to payment by cash but nowadays as other forms of payment like transactions by cheque, debit or credit cards have become more common, the word “cash” has sometimes been replaced with the word “collect”. The advantages of COD for customers are they don’t need to own a credit card to purchase and impulse purchases may increase as payment is not due at the time of ordering. COD remains a popular option in some countries with internet-based retailers, since it is far easier to set up for small businesses and does not require the purchaser to have a credit card.