In the past, checks and bank drafts were the most common form of handling payments in business transactions. Technological developments have since changed the way people do business. Substitute checks, electronic fund transfers, e-money, online banking and smartphone-based payment systems are commonly used today. What are they and how do they differ from the old system of checks and bank drafts? Be sure to highlight advantages and disadvantages. In the past, checks and bank drafts were the most common form of handling payments in business transactions. Technological developments have since changed the way people do business. Substitute checks, electronic fund transfers, e-money, online banking and smartphone-based payment systems are commonly used today. What are they and how do they differ from the old system of checks and bank drafts? Be sure to highlight advantages and disadvantages.