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Lesson Objective:
To investigate various methods of payment.
Cash is a popular form of payment with customers because:
What are the advantages of using cash
Disadvantages of cash
A paper based form of payment?
Effectively a promise to pay the amount stated
Must be presented to a bank in order toobtain the payment
It usually takes at least 3working days for a chequeto “clear” – i.e. payment to be received
Advantages of cheques
Disadvantages of cheques
A plastic card, issuedby the bank, which allows payment tobemade without writing a cheque or carrying cash
Advantages of Debit cards
Disadvantages of Debit cards
It looks just like a debit card –and is also issued by banks
It allows payment to be made without the needfor cashor cheques
The money does not come out of your bank account –you are borrowing it!
You have to pay some off each month
You pay interest onany amount left
Advantages of credit card
Disadvantages of credit cards
BACS
Advantages- Credit transfers
Disadvantages of Credit transfer
Direct Debit
Advantages : Direct debit
Disadvantages : Direct debit
Standing Orders
Standing Orders advantages
Disadvantages of standing orders
