Payment Methods

Payment Methods

1. Cheque

   • A manual method of payment where you must yourself deliver the cheque to the bank in order to transfer money. Good for large amounts but not widely available anymore

2. Credit Card

   • A method of payment where you are paying using money you do not have therefore creating debt for you. However you can usually have a free month where no interest is added but after that it could be an extra 2% to what you borrowed.

3. Debit Card

   • This method is where you pay using money that you actually have however debt can still be caused if you go into minus money and then you are using the banks

4. Direct Credit

   • This takes place automatically when one person pays another electronically and is useful and secure so good for dealing with large amounts frequently like wages