Online Payment Methods

Dannii Stevenson
Note by , created almost 6 years ago

GCSE GCSE ICT Note on Online Payment Methods, created by Dannii Stevenson on 05/07/2013.

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Dannii Stevenson
Created by Dannii Stevenson almost 6 years ago
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Online Payment Methods

1. Credit Card - An electronic card issued by a bank which allows bank clients access to their account to withdraw cash or pay for goods and services. This removes the need for bank clients to go to the bank to remove cash from their account as they can now just go to an ATM or pay electronically at merchant locations. This type of card, as a form of payment, also removes the need for checks as the debit card immediately transfers money from the client's account to the business account. This is virtual money.

Debit Card - The major benefits to this type of card are convenience and security. Along with the convenience of accessing account funds at anytime it also removes the hassles associated with having to write checks as payment like showing ID and associated fees. Debit cards are also considered to be a safer form of payment as a code is required to access the account funds, while checks can be easily stolen. This is real money

2. Using an online banking account - Again not using real money

3. Third-party payment systems - PayPal (Owned by Ebay, free and more secure as it is not your real card number)

4. Using gift vouchers and cards - Not real money. If you have a voucher for HMV you have to use it in that specific shop.

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