Payment methods Flashcards
What are the different payment methods for enterprises and their customers to pay for goods and services?
The different payment methods for enterprises and their customers to pay for goods and services are:
1) Debit card
2) Credit card
3) Cash (notes and coins)
4) Direct debit
5) Payment technologies
6) Cheque
1) Debit card:
What are debit cards?
Debit cards are issued by banks to their customers (account holders) and the card is linked directly to the cardholder’s bank account
1) Debit card:
Debit cards are issued by banks to their customers (account holders) and the card is linked directly to the cardholder’s bank account.
Advantages of debit cards:
1) The payment is taken …
Advantages of debit cards:
1) The payment is taken directly from the cardholder’s bank account at the time of transaction
1) Debit card:
Debit cards are issued by banks to their customers (account holders) and the card is linked directly to the cardholder’s bank account.
Advantages of debit cards:
1) The payment is taken directly from the cardholder’s bank account at the time of transaction.
2) There is no need for …
Advantages of debit cards:
1) The payment is taken directly from the cardholder’s bank account at the time of transaction.
2) There is no need for cash
1) Debit card:
Debit cards are issued by banks to their customers (account holders) and the card is linked directly to the cardholder’s bank account.
Advantages of debit cards:
1) The payment is taken directly from the cardholder’s bank account at the time of transaction.
2) There is no need for cash.
3) Debit cards can be used for payment up to …
Advantages of debit cards:
1) The payment is taken directly from the cardholder’s bank account at the time of transaction.
2) There is no need for cash.
3) Debit cards can be used for payment up to the amount in the cardholder’s bank account (including any authorised overdraft limit)
1) Debit card:
Debit cards are issued by banks to their customers (account holders) and the card is linked directly to the cardholder’s bank account.
Advantages of debit cards:
1) The payment is taken directly from the cardholder’s bank account at the time of transaction.
2) There is no need for cash.
3) Debit cards can be used for payment up to the amount in the cardholder’s bank account (including any authorised overdraft limit)
4) Debit cards can be used …
Advantages of debit cards:
1) The payment is taken directly from the cardholder’s bank account at the time of transaction.
2) There is no need for cash.
3) Debit cards can be used for payment up to the amount in the cardholder’s bank account (including any authorised overdraft limit)
4) Debit cards can be used remotely via phone or online
1) Debit card:
Debit cards are issued by banks to their customers (account holders) and the card is linked directly to the cardholder’s bank account.
Advantages of debit cards:
1) The payment is taken directly from the cardholder’s bank account at the time of transaction.
2) There is no need for cash.
3) Debit cards can be used for payment up to the amount in the cardholder’s bank account (including any authorised overdraft limit)
4) Debit cards can be used remotely via phone or online
5) Contactless …
Advantages of debit cards:
1) The payment is taken directly from the cardholder’s bank account at the time of transaction.
2) There is no need for cash.
3) Debit cards can be used for payment up to the amount in the cardholder’s bank account (including any authorised overdraft limit)
4) Debit cards can be used remotely via phone or online
5) Contactless cards (up to value of £30 per transaction) do not require the use of a PIN
1) Debit card:
Debit cards are issued by banks to their customers (account holders) and the card is linked directly to the cardholder’s bank account.
Disadvantages of debit cards:
1) Can be …
Disadvantages of debit cards:
1) Can be stolen
2) Credit card:
Credit cards are issued by …
Credit cards are issued by banks and financial companies
2) Credit card:
Credit cards are issued by banks and financial companies.
Advantages of credit cards:
1) The card issuer …
Advantages of credit cards:
1) The card issuer pays at the time of the transaction - a loan to the cardholder
2) Credit card:
Credit cards are issued by banks and financial companies.
Advantages of credit cards:
1) The card issuer pays at the time of the transaction - a loan to the cardholder
2) The cardholder …
Advantages of credit cards:
1) The card issuer pays at the time of the transaction - a loan to the cardholder
2) The cardholder receives a short interest-free period on the amount borrowed
2) Credit card:
Credit cards are issued by banks and financial companies.
Advantages of credit cards:
1) The card issuer pays at the time of the transaction - a loan to the cardholder
2) The cardholder receives a short interest-free period on the amount borrowed
3) Contactless cards …
Advantages of credit cards:
1) The card issuer pays at the time of the transaction - a loan to the cardholder
2) The cardholder receives a short interest-free period on the amount borrowed
3) Contactless cards (up the value of £30 per transaction) do not require the use of a PIN
2) Credit card:
Credit cards are issued by banks and financial companies.
Advantages of credit cards:
1) The card issuer pays at the time of the transaction - a loan to the cardholder
2) The cardholder receives a short interest-free period on the amount borrowed
3) Contactless cards (up the value of £30 per transaction) do not require the use of a PIN
4) Credit cards can be used …
Advantages of credit cards:
1) The card issuer pays at the time of the transaction - a loan to the cardholder
2) The cardholder receives a short interest-free period on the amount borrowed
3) Contactless cards (up the value of £30 per transaction) do not require the use of a PIN
4) Credit cards can be used for any amount up to a limit set by the card issuer, so the customer does not incur high credit card charges
2) Credit card:
Credit cards are issued by banks and financial companies.
Disadvantages of credit cards:
1) The card issuer …
Disadvantages of credit cards:
1) The card issuer charges interest on the balance outstanding after the interest-free period
2) Credit card:
Credit cards are issued by banks and financial companies.
Disadvantages of credit cards:
1) The card issuer charges interest on the balance outstanding after the interest-free period
2) Cards are issued with …
Disadvantages of credit cards:
1) The card issuer charges interest on the balance outstanding after the interest-free period
2) Cards are issued with a credit limit so that the cardholder is limited to the amount they can spend, regardless of their financial situation
2) Credit card:
Credit cards are issued by banks and financial companies.
Disadvantages of credit cards:
1) The card issuer charges interest on the balance outstanding after the interest-free period
2) Cards are issued with a credit limit so that the cardholder is limited to the amount they can spend, regardless of their financial situation
3) The seller …
Disadvantages of credit cards:
1) The card issuer charges interest on the balance outstanding after the interest-free period
2) Cards are issued with a credit limit so that the cardholder is limited to the amount they can spend, regardless of their financial situation
3) The seller pays a fee to the credit card company each time the customer pays by card
3) Cash (notes and coins):
Advantages of cash (notes and coins):
1)
Advantages of cash (notes and coins):
1) They are accepted in most places
3) Cash (notes and coins):
Disadvantages of cash (notes and coins):
1) Cash may not be suitable for …
Disadvantages of cash (notes and coins):
1) Cash may not be suitable for very large transactions
3) Cash (notes and coins):
Disadvantages of cash (notes and coins):
1) Cash may not be suitable for very large transactions
2) Cash is not suitable for …
Disadvantages of cash (notes and coins):
1) Cash may not be suitable for very large transactions
2) Cash is not suitable for online purchases
3) Cash (notes and coins):
Disadvantages of cash (notes and coins):
1) Cash may not be suitable for very large transactions
2) Cash is not suitable for online purchases
3) Cash can be …
Disadvantages of cash (notes and coins):
1) Cash may not be suitable for very large transactions
2) Cash is not suitable for online purchases
3) Cash can be lost or stolen
3) Cash (notes and coins):
Disadvantages of cash (notes and coins):
1) Cash may not be suitable for very large transactions
2) Cash is not suitable for online purchases
3) Cash can be lost or stolen
4) Mistakes …
Disadvantages of cash (notes and coins):
1) Cash may not be suitable for very large transactions
2) Cash is not suitable for online purchases
3) Cash can be lost or stolen
4) Mistakes can be made during transactions, such as incorrect change being given
4) Direct debit:
What is direct debit?
Direct debit is an instruction to a bank authorising a third party, such as an enterprise, to transfer money of varying amounts from a customer’s account to its own bank account on an agreed date
4) Direct debit:
Direct debit is an instruction to a bank authorising a third party, such as an enterprise, to transfer money of varying amounts from a customer’s account to its own bank account on an agreed date.
Advantages of direct debit:
1) Direct debit is a simple way to …
Advantages of direct debit:
1) Direct debit is a simple way to pay regular bills - they are deducted automatically from customer’s bank account
4) Direct debit:
Direct debit is an instruction to a bank authorising a third party, such as an enterprise, to transfer money of varying amounts from a customer’s account to its own bank account on an agreed date.
Advantages of direct debit:
1) Direct debit is a simple way to pay regular bills - they are deducted automatically from customer’s bank account
2) Third party may …
Advantages of direct debit:
1) Direct debit is a simple way to pay regular bills - they are deducted automatically from customer’s bank account
2) Third party may vary amounts, making it a flexible way to collect payments
4) Direct debit:
Direct debit is an instruction to a bank authorising a third party, such as an enterprise, to transfer money of varying amounts from a customer’s account to its own bank account on an agreed date.
Disadvantages of direct debit:
1) The customer must …
Disadvantages of direct debit:
1) The customer must have sufficient money in their bank account to cover the payment, otherwise the payment will not take place
5) Payment technologies:
Advantages of payment technologies:
1) Ecommerce transactions such as PayPal …
Advantages of payment technologies:
1) Ecommerce transactions such as PayPal allow individuals and enterprises to transfer money between buyers and sellers
5) Payment technologies:
Advantages of payment technologies:
1) Ecommerce transactions such as PayPal allow individuals and enterprises to transfer money between buyers and sellers
2) Electronic payments such as Faster Payments and CHAPs …
Advantages of payment technologies:
1) Ecommerce transactions such as PayPal allow individuals and enterprises to transfer money between buyers and sellers
2) Electronic payments such as Faster Payments and CHAPs allow same-day payments from one bank account to another
5) Payment technologies:
Advantages of payment technologies:
1) Ecommerce transactions such as PayPal allow individuals and enterprises to transfer money between buyers and sellers
2) Electronic payments such as Faster Payments and CHAPs allow same-day payments from one bank account to another
3) Online customer accounts …
Advantages of payment technologies:
1) Ecommerce transactions such as PayPal allow individuals and enterprises to transfer money between buyers and sellers
2) Electronic payments such as Faster Payments and CHAPs allow same-day payments from one bank account to another
3) Online customer accounts linked to ecommerce website stores customers’ payment details - it is simple to make repeat purchases
5) Payment technologies:
Advantages of payment technologies:
1) Ecommerce transactions such as PayPal allow individuals and enterprises to transfer money between buyers and sellers
2) Electronic payments such as Faster Payments and CHAPs allow same-day payments from one bank account to another
3) Online customer accounts linked to ecommerce website stores customers’ payment details - it is simple to make repeat purchases
4) Payment apps …
Advantages of payment technologies:
1) Ecommerce transactions such as PayPal allow individuals and enterprises to transfer money between buyers and sellers
2) Electronic payments such as Faster Payments and CHAPs allow same-day payments from one bank account to another
3) Online customer accounts linked to ecommerce website stores customers’ payment details - it is simple to make repeat purchases
4) Payment apps allow transactions to be completed using your smartphone
5) Payment technologies:
Disadvantages of payment technologies:
1) Some payment technologies such as PayPal and CHAPs …
Disadvantages of payment technologies:
1) Some payment technologies such as PayPal and CHAPs charge a fee
6) Cheque:
What is a cheque?
A cheque is a written order to pay a sum of money from a bank account to the payee (an enterprise or an individual)
6) Cheque:
A cheque is a written order to pay a sum of money from a bank account to the payee (an enterprise or an individual).
This method of payment is …
This method of payment is declining in popularity
6) Cheque:
A cheque is a written order to pay a sum of money from a bank account to the payee (an enterprise or an individual).
This method of payment is declining in popularity.
Advantages of cheques:
1) Cheques are …
Advantages of cheques:
1) Cheques are more secure than cash
6) Cheque:
A cheque is a written order to pay a sum of money from a bank account to the payee (an enterprise or an individual).
This method of payment is declining in popularity.
Disadvantages of cheques:
1) Cheques need to be …
Disadvantages of cheques:
1) Cheques need to be paid directly into a bank and so can be inconvenient
6) Cheque:
A cheque is a written order to pay a sum of money from a bank account to the payee (an enterprise or an individual).
This method of payment is declining in popularity.
Disadvantages of cheques:
1) Cheques need to be paid directly into a bank and so can be inconvenient
2) Cheques cannot be used …
Disadvantages of cheques:
1) Cheques need to be paid directly into a bank and so can be inconvenient
2) Cheques cannot be used remotely or online
6) Cheque:
A cheque is a written order to pay a sum of money from a bank account to the payee (an enterprise or an individual).
This method of payment is declining in popularity.
Disadvantages of cheques:
1) Cheques need to be paid directly into a bank and so can be inconvenient
2) Cheques cannot be used remotely or online
3) Cheques take …
Disadvantages of cheques:
1) Cheques need to be paid directly into a bank and so can be inconvenient
2) Cheques cannot be used remotely or online
3) Cheques take several days to clear (for the funds to be available)
6) Cheque:
A cheque is a written order to pay a sum of money from a bank account to the payee (an enterprise or an individual).
This method of payment is declining in popularity.
Disadvantages of cheques:
1) Cheques need to be paid directly into a bank and so can be inconvenient
2) Cheques cannot be used remotely or online
3) Cheques take several days to clear (for the funds to be available)
4) Most banks …
Disadvantages of cheques:
1) Cheques need to be paid directly into a bank and so can be inconvenient
2) Cheques cannot be used remotely or online
3) Cheques take several days to clear (for the funds to be available)
4) Most banks charge businesses for paying in cheques
