Forms of Payment Flashcards
1
Q
Advantages and disadvantages of cheques
A
Must be taken to branch
Mistake = it’s invalid
Post
Transfer takes few day
2
Q
Advantages and disadvantages if credit cards
A
Interest Easy convenient Monthly statement Automatic Business pays for service Swipe system- identifies fakes
3
Q
Advantages and disadvantages of credit transfer
A
No further actions Instructions to transfer into several accounts Wages Transactions shown in bank statement Secure and cheap
4
Q
Advantages and disadvantages of direct debit
A
No further actions Business must give advance notice Cancelled at any time Automatic Gas bills
5
Q
Advantages + disadvantages of cash
A
Easy straightforward Carrying large amounts risky If receipt lost no proof Storing is risky Must obtain from ATM first Payment is definite
