Btec Business METHODS OF PAYMENT
cash - answernotes and coins in a range of denominations
cheque - answerwritten order to bank to make payment from one person to another
pre-paid card - answerMoney is uploaded onto a card with transactions then being
withdrawn to reduce the balance
Moblie Banking - answerallows the ability to make payment using a mobile device
contactless - answerallows money to be transferred when card touches contactless
machine
debit card - answerissue by the bank with payment deducted from current account
credit card - answerissued by FI allowing person to delay payment
electronic transfer - answerPayment is transferred directly from one bank account to
another
charge card - answerallows customer to delay payment for short period of time
direct debit - answerAn agreement made with a bank allowing a third party to withdraw
money from an account on a set day to pay for goods or services received, e.g. pay a
gas bill
store card - answera credit card which can only be used to buy goods in one particular
shop or chain of shops
standing order - answerAn agreement made with a bank to transfer a fixed sum of
money to a third party account on a set date on a regular basis, e.g. pay £30 for a
phone contract each month
Banking Automated Clearing Service(BACS) - answerallows the transfer directly to
another account
Clearing House Automated Payment System (CHAPS) - answerallows the transfer of
payment to go straight to another account
cash - answernotes and coins in a range of denominations
cheque - answerwritten order to bank to make payment from one person to another
pre-paid card - answerMoney is uploaded onto a card with transactions then being
withdrawn to reduce the balance
Moblie Banking - answerallows the ability to make payment using a mobile device
contactless - answerallows money to be transferred when card touches contactless
machine
debit card - answerissue by the bank with payment deducted from current account
credit card - answerissued by FI allowing person to delay payment
electronic transfer - answerPayment is transferred directly from one bank account to
another
charge card - answerallows customer to delay payment for short period of time
direct debit - answerAn agreement made with a bank allowing a third party to withdraw
money from an account on a set day to pay for goods or services received, e.g. pay a
gas bill
store card - answera credit card which can only be used to buy goods in one particular
shop or chain of shops
standing order - answerAn agreement made with a bank to transfer a fixed sum of
money to a third party account on a set date on a regular basis, e.g. pay £30 for a
phone contract each month
Banking Automated Clearing Service(BACS) - answerallows the transfer directly to
another account
Clearing House Automated Payment System (CHAPS) - answerallows the transfer of
payment to go straight to another account
