E-PAYMENTS_CHAPTER 2

What is the most popular form of payment used today?

• Credit cards

• Debit cards

• Cash payments

• Payment through banks

Which method eliminates the issue of returned items in payment transactions?

• Cash payments

• Check payments

• Giro or credit transfers

• Debit card payments

Which payment system is primarily used for high-value transactions in the United States?

• ACH payments

• Wire transfers

• Check payments

• Credit cards

What is a major drawback of check payments?

• Slow processing times

• High transaction fees

• Risk of returned items

• Limited availability

Which of the following is NOT a type of payment card?

• Credit card

• Debit card

• Charge card

• ACH card

What is one of the main advantages of cash payments?

• High transaction security

• Ease of carrying large amounts for high-value transactions

• No transaction charges

• Detailed audit trail for future reference

What is the primary difference between credit cards and debit cards?

• Credit cards require immediate payment, while debit cards offer delayed payments

• Credit cards allow payments to be made in installments, while debit cards directly withdraw from the user's bank account

• Debit cards are more secure than credit cards

• Credit cards are linked to a savings account, while debit cards are not

Which country uses checks for 70% of non-cash payments, according to 1998 statistics?

• Germany

• The Netherlands

• United States

• United Kingdom

What is the term for a transaction where the payer's bank transfers funds directly to the payee's bank, eliminating the need for a physical check?

• Wire transfer

• Giro payment

• ACH payment

• Direct debit

What is the typical use case for Automated Clearing House (ACH) payments?

• Small personal payments

• High-value transactions between corporations

• Recurring transactions like wages and Social Security payments

• Retail payments for goods