Topic 3 : Payment Methods Key Terms

Description

Flashcard collection of Topic 3 Key terms
Dawn  S_akura
Flashcards by Dawn S_akura, updated more than 1 year ago
Dawn  S_akura
Created by Dawn S_akura almost 8 years ago
10
0

Resource summary

Question Answer
ATM Automated Teller Machine : aka Cash Machine
Bacs the central payment system used to process different types of electronic payments
Banker's draft similar to a cheque but the payment is signed by the financial services provider that issues it, rather than by an individual. used for paying large amounts of money
Cashback a service offered by some retailers when customer pay by card.The retailer gives the customer cash and debits the amount of cash handed over from the customers payment card.
Cash Card a card used to withdraw cash from ATM of branch counters
CHAPS Clearing House Automated Payment System: a same day payment system for high-value transactions, such as house purchase.
Cheque a written instruction to the provider e.g. bank, building society, to pay a specified amount to a specified person or organization.
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, make face-to-face transactions in for example shops, and to make payments online or over the phone
Debit Credit an electronic payment into an account, e.g. a salary or benefit payment
Direct Debit an electronic payment out of an account, the amount and frequency can vary
Faster Payments an electronic payment service that enables payments to be made within two hours
Mandate a paper of online instruction to provider e.g 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 fro 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. 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 e.g. needing to top up your phone credit so you can use your phone
Traveller's Cheque a pre-printed cheque fro a set amount of currency e.g. US$50. can be exchanged for local currency or used to make payments while abroad.
Show full summary Hide full summary

Similar

Business Studies Unit 1
emily.mckechnie
Business Studies Unit 2
tara.springate
1.3.1 Characteristics of Successful Entrepreneurs
Molly Hills
Unit 1: Business Studies GCSE
Libby Rose
Unit 3 Business Studies
Lauren Thrower
BUSS1
Sophie Davis
The skills needed to be a successful entrepreneur
rhiannafordx
The skills needed to be a successful entrepreneur
Rosie Wallis
AS - Buss1 - Formula Cards
Sophie Davis
How to Turn Business Failure into Business Success
Micheal Heffernan
Chapter 40: Promotion
19leesia