CeFS Key Terms Topic 3

Flashcards by palacey, updated more than 1 year ago
Created by palacey over 7 years ago


Flashcards on CeFS Key Terms Topic 3, created by palacey on 11/19/2013.

Resource summary

Question Answer
ATM Automated teller machine, also known as a cash machine
Bacs The central payment system used to process different types of electronic payment
Banker's draft A banker's draft is similar to a cheque but the payment is signed and guaranteed by the financial services provider that issues it, rather than by an individual. Banker's drafts are used for paying large sums of money
Cashback A service offered by some retailers when customers pay by card. The retailer gives the customer cash and debits the amount of cash handed over from the customer's payment card
Cash card A card used to withdraw cash from ATMs 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 (eg bank or building society) 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. It is used for low-value payments
Debit card A card that can be used to withdraw cash, to make face-to-face transactions in, for example, shops, and to make payments online or over the phone
Direct credit An electronic payment into an account, for example a salary or benefit payment
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 (eg bank or building society) to make a payment from an account
Prepaid cards A card that has to have money credited to it before the card holder can use it to pay for goods. Once the initial sum of money on the card runs out, it can be topped up again. Some prepaid cards can be loaded with foreign currency and used abroad
Standing order An electronic payment out of an account. Standing orders are used to make regular payments of the same amount
Transaction Buying or selling something
Transaction need The reason why someone needs to make a payment, eg needing to top up your phone credit so that you can use your phone is a transaction need
Traveller's cheque A pre-printed cheque for a set amount of currency eg 50 or 100 US dollars or euros. A traveller's cheque can be exchanged for local currency or used to make payments while abroad
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