Flashcards
CeFS Key Terms Topic 3
Flashcards do conjunto (18)
- 1ATMAutomated teller machine, also known as a cash machine
- 2BacsThe central payment system used to process different types of electronic payment
- 3Banker's draftA 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
- 4CashbackA 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
- 5Cash cardA card used to withdraw cash from ATMs or branch counters
- 6CHAPSClearing House Automated Payment System, a same-day payment system for high-value transactions, such as a house purchase
- 7ChequeA written instruction to the provider (eg bank or building society) to pay a specified amount to a specified person or organisation.
- 8Contactless cardA card that can be read simply by holding it in front of a card reader. It is used for low-value payments
- 9Debit cardA 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
- 10Direct creditAn electronic payment into an account, for example a salary or benefit payment
- 11Direct debitAn electronic payment out of an account. The amount and frequency of a direct debit payment can vary
- 12Faster PaymentsAn electronic payment service that enables payments to be made within two hours
- 13MandateA paper or online instruction to a provider (eg bank or building society) to make a payment from an account
- 14Prepaid cardsA 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
- 15Standing orderAn electronic payment out of an account. Standing orders are used to make regular payments of the same amount
- 16TransactionBuying or selling something
- 17Transaction needThe 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
- 18Traveller's chequeA 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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- FlashCards sobre CeFS Key Terms Topic 3, criado por palacey em 19-11-2013.
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