A2- different ways to pay Flashcards
definition - cash
physical coins and notes that can be used to exchange goods, debts or services
definition - debit card
a card allowing the holder to transfer money electronically from their bank account when making a purchase
definition - credit card
payment card that allows the card holder to borrow money from a financial institution to make purchases
definition - cheque
an order to a bank to pay a stated sum from the drawers account, written on a specifically printed form
definition - electronic transfer
a digital transfer of cash through an online payment system
definition - direct debit
a payment method that allows a business to automatically collect money from your bank account on a set date
definition - standing order
an instruction to a bank by a bank account holder to make regular payments to a particular person
definition - pre-paid cards
the owner of the card puts money into the account, before they can spend it
definition - contactless card
debit or credit card that can be used to make payments without inserting the card or using a PIN
definition - charge cards
type of payment card tnag requires the cardholder to pay the full balance each month, unlike credit cards which all the user to carry over the balance with interest
definition - store cards
a type of credit card that can only be used in one store or a chain of stores
definition - monile banking
the act of making financial transactions on a moblile device
definition - BACS
allows bulk payments (phone bills, insurance etc) in the form of a direct debit
definition - CHAPS
electronic system that allows same-day bank-to-bank payments within the UK. hsed for ugent/high value payments
