Different ways to pay Flashcards
Cash
Notes and coins in a wide range of denominations
Debit Card
Issued by banks with payments for goods and services being deducted directly from a current account
Credit Card
Issued by financial institutions allowing customers to delay payments for goods and services
Cheque
A written order to bank made to make a payment for a specific amount of money from one person’s account to another
Electronic Transfer
Payment is transferred directly from one bank account to another
Direct debit
An agreement made with a bank allowing a third party to withdraw money from an account on a set date to pay for goods or services
Standing Order
An agreement made with a bank to transfer a fixed sum of money to a third party account on a set date on a regular basis e.g. pay phone contract each month
Prepaid Card
Money is uploaded onto a card with transections then being withdrawn to reduce the balance
Contactless card
Cards containing antenne allow money to be transferred when the card touches a contactless terminal
Charge Card
Issued by financial institution allowing customers to delay payments for goods and service for a short period of time; the balance must be paid in full when the statement is issued
Store Card
Issued by a retail outlet so that customers can delay payments for goods and services (similar to credit cards but only accepted in specific stores)
Mobile Banking
The ability to carry out financial transitions using mobile devices such as phones or tablets
Bankers Automated Clearing Service (BACs) faster payment
A system that allows the transfer of payments directly from one bank to another
Clearing House Automated Payment Systems (CHAPS)
A system that allows the transfer of payments directly from one bank account to another
