1434491
Description
Mind Map by gwilts3760, updated more than 1 year ago
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Created by gwilts3760
over 11 years ago
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Payment methods
- Cash
- This is the most commonly used
way of paying. it can either be in the
form of coins or notes
- It is very fast and
very easy to pay
with
- It has to be taken
from an ATM and
carrying large
amounts is risky
- It has to be taken
from an ATM and
carrying large
amounts is risky
- It is easy to steal and
hard to store in big
amounts
- Great for
receiving
small
payments
- Great for
receiving
small
payments
- It is very fast and
very easy to pay
with
- This is the most commonly used
way of paying. it can either be in the
form of coins or notes
- Cheque
- This is an instruction from the
bank to withdraw manoey from
one account and put it into
another
- Can be sent by
post and no
receipt is required
- If the payee
does not have
the money then
the cheque
"bounces"
- If the payee
does not have
the money then
the cheque
"bounces"
- This method hardly
never goes wrong and
there is no need to
carry large amounts of
cash
- Some banks charge
businesses to use cheques
and it takes up to 5
working days the for the
money to transfer
- Some banks charge
businesses to use cheques
and it takes up to 5
working days the for the
money to transfer
- Can be sent by
post and no
receipt is required
- This is an instruction from the
bank to withdraw manoey from
one account and put it into
another
- Credit card
- This is a plastic card that allows
you to borrow money from the
bank and pay it back at the end of
the month
- Easy and conveinient
- Interest charges can be very
high so can get you into debt
- Interest charges can be very
high so can get you into debt
- There is a swipe system
that recognises fake
card and money transfer
is automatic
- Sellers have to pay a fee
- Sellers have to pay a fee
- Easy and conveinient
- This is a plastic card that allows
you to borrow money from the
bank and pay it back at the end of
the month
- Debit card
- This is much like a credit card apart
from you use the money from your
account so you don't need to pay it
back
- Money is your so
there is no
overspending and
no risk of debt
- If you don't
have the
correct funds
the card will be
rejected which
is embarrasing
- If you don't
have the
correct funds
the card will be
rejected which
is embarrasing
- The handling
charges are
cheaper and is
less prone to
fraud
- The money is not
transferred for up
to 3 days
- The money is not
transferred for up
to 3 days
- Money is your so
there is no
overspending and
no risk of debt
- This is much like a credit card apart
from you use the money from your
account so you don't need to pay it
back
- Credit transfer
- This takes money for one business or
account and puts it straight into
another
- Very fast to use
- could get transferred to wrong
account but this is very unlikely
- could get transferred to wrong
account but this is very unlikely
- Few security
problems as system is
modern
- Minor problems could
turn into huge ones
- Minor problems could
turn into huge ones
- Very fast to use
- This takes money for one business or
account and puts it straight into
another
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