Topic 3 key terms(payment methods) Flashcards
ATM
definition:automated teller machine,cash machine
Bacs
definition:the central payment system used to process different types of electronic payment
Bankers draft
definition:a bankers draft is similar to a cheque but the payment is signed and guaranteed by the financial services provider that issue it rather than by an individual,good for large sums of money
cash back
definition:a service offered by some retailers when customers pay by card,retailers give the customer cash based on payment card of customer
cash card
definition:a card used to withdraw cash from ATMs or branch account
CHAPS
definition:clearing house automated payment system,same day payment system for high value transaction
cheque
definition:a written instructions to the provider(eg bank)to pay a specified amount to a specified person or organisation
contactless card
definition:can be read simply by holding card in-front of card reader
debit card
definition:a card that can be used to withdraw cash to make face to face transactions
direct credit
definition:an electronic payment into an account,eg a salary or benefit payment
direct debit
definition:an electronic payment out of an account,the amount and frequency can vary
faster payments
definition:allows payments to be payed within 2 hours
mandate
definition:a paper or online instruction to make a payment from an account
prepaid cards
definition:a card that has to have money credited to it before the cardholder can use it to pay for goods,some can be loaded with foreign currency and used abroad
standing order
definition:an electronic payment out of an account ,used to make regular payments of the same amount
