Payment methods

Question 1

What’s a cheque?

Answer 1

Enables account holder to instruct the provider to pay a specific amount of money to a person/organisation

Question 2

What’s a Oyster card?

Answer 2

Only used for transport in London

Question 3

What is contactless?

Answer 3

Used to make transactions to satisfy both needs and wants

Question 4

what is a standing order?

Answer 4

Permission to give the bank to make regular payments
ie - rent

Question 5

What is a prepaid card?

Answer 5

cash balance hold on a card

Question 6

What is one advantage of standing order?

Answer 6

Secure method of payment and shows no payment missed

Question 7

What is a disadvantage of standing order?

Answer 7

money taken regardless of balance, must be reset all cancelled

Question 8

What is a advantage of prepaid cards?

Answer 8

can only spend amount uploaded, secure method of payment

Question 9

What is a disadvantage of prepaid cards?

Answer 9

can be difficult to monitor balance, can be used without permission of others

Question 10

what is FPS and what do they do?

Answer 10

Faster payment services
Direct transfer of money from one to another bank.

Question 11

three features credit and debit card have in common.

Answer 11

Widely accepted, contactless, avoid any in hand cash.