Methods of Payment

What is this method of payment? Money is uploaded onto a card with transactions then being withdrawn to reduce the balance.

• Debit Card

• Store Card

• Pre-paid Card

• Charge Card

Cash is n........ and coins in a wide range of denominations.

A c................ is a written order to a bank, to make payment for a specific amount of money, from one person's account to another.

A store card is only accepted by the stores specified in the terms and conditions.

• True

• False

CHAPS is significantly f............. that BACS.

A debit card is issued by banks, with payments for goods and services being d............. directly from a current account.

Electronic transfer is when payment is transferred from one b........... account to another.

This is when an agreement is made with a bank, allowing a third party to withdraw money from an account on a set day to pay for goods or services eg a gas bill.

• Direct debit

• Cheque

• Electronic Transfer

• Credit card

When a user has the ability to carry out financial transactions using mobile devices, such as phones as tablets, is known as what?

• CHAPS

• Contactless Card

• Mobile Banking

• Credit Card

Credit cards are issued by financial institutions, allowing customers to d........... payments for goods and services.