topic 3 Flashcards
ATM
automated teller machine
bacs
the central payment system used to process different types of electronic payment
banker’s draft
similar to a cheque but the payment is signed and guaranteed by the financial services provider that issues it, rather than by an individual. Used for paying large sums of money but are falling out of fashion for being old fashioned and not particularly secure
cashback
a service offered by some retailers when customers pay by card. The retailer gives the customer cash and debits the amount of cash handled over from the customer’s payment card
cash card
a card used to withdraw cash from ATM’s or branch counters
CHAPS
clearing house automated payment system, a same-day payment system for high-value transactions, such as a house purchase
cheque
a written instruction to the provider to pay a specified amount to a specified person or organisation
contactless card
a card that can be read simply by holding it in front of a card reader, used for low-value payments
debit card
a card that can be used to withdraw cash, to make face-to-face transactions
direct credit
an electronic payment into an account
direct debit
an electronic payment out of an account. The amount and frequency of a direct debit payment can vary
faster payments
an electronic payment service that enables payments to be made within two hours
mandate
a paper or online instruction to a provider
prepaid cards
a card that has to have money credited to it before the card holder can use it to pay for goods and can be topped up when the initial sum of money runs out
standing order
an electronic payment out of an account used to make regular payments of the same amount
