A2 Methods of Payement - meanings of the payement Flashcards
what is the definition of cash ?
Notes and coins in a wide range of denominations.
what is the definition of a debit card ?
It issued by the bank with payments for goods and services being deducted directly from your current account.
what is the definition of credit card ?
issued by financial institutions allowing customers to delay payment of goods and services.
what is the definition of a cheque ?
it is a written order to a bank to make a payment for a specific amount of money from one persons account to another.
what is the definition of Electronic transfer ?
Payment is transferred directly from one bank account to another.
what is the definition of Direct debit ?
an agreement made with a bank allowing a third party to withdraw money from an account on a set day to pay for goods and services received.
what is the definition of a standing order ?
an agreement made with a bank to transfer a fixed sum money to a third party account on a set date on a regular basis.
what is the definition of pre - paid card ?
money is uploaded onto a card with transactions then being withdrawn to reduce the balance.
what is the definition of contactless card ?
card containing antennae allow money to be transferred when the card touches a contactless terminal.
what is the definition of charge card ?
issued by financial institutions, allowing customers to delay payments for goods and services for a short period of time, the balance must be paid off in full when a statement is issued.
What is the definition of a store card ?
issued by a retail outlet so that customers can delay payment’s for goods and services.
what is the definition of mobile banking ?
The ability to carry out financial transactions using mobile devices such as phones or tablets.
what is the definition of BACS ?
a system that allows the transfer of payments directly from one bank account to another.
what is the definition of CHAPS ?
a system that allows the transfer of payments directly from one bank account to another.
