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Payment Choices (Credit (Credit is the supply of money now, in return for…
Payment Choices
Credit
Credit is the supply of money now, in return for the promise of paying it back later
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Electronic Funds
Debit Card
With a debit card, you are electronically accessing money already in your account
You pay no interest, only an account operating fee, and can spend up to your account balance
EFTPOS
The most common way of using your debit card for purchases of goods is by EFTPOS (Electronic Funds Transfer Point of Sale)
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Direct Debit
Many consumers have bills that arrive at regular intervals such as telephone, electricity, car insurance
By using a direct debit system, you can schedule bill payments from your nominated account automatically
Cheque
A cheque is a written communication ordering your financial institution (bank) to pay a business or person a specific amount of money
When writing a cheque, no blank spaces should be left
Lay-By
When you buy goods using lay-by, you first pay a deposit to the shop who puts aside the good for you
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