Methods Of Payment Flashcards by Cleo Head

Q

Chaps, automated payment system

A

Payments arrive on day you make them
+ safe and secure
- expensive

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Q

Fps

A

From one bank to another, take around 3 days
Convenient and fast
Security risk

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Q

Bacs

A

One bank to another, 3 business days usually
Cheap to send money
Takes a while to clear

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Q

Mobile banking

A

Doing it w wallet app
Always accessible
Easy and quick

Security issues
Depends on Internet

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Q

Mobile banking

A

Doing it w wallet app
Always accessible
Easy and quick

Security issues
Depends on Internet

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Q

Standing order

A

Regular fixed payments
Easy for budgeting
Same amount paid each time

Can cause over draft
Will continue until cancelled

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