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Payment Methods (Direct Debit (What type of payment is it used for? To pay…
Payment Methods
Direct Debit
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Advantages- Guarantees payment on the due date, you don't have to remember to pay the amount due
Disadvantages- The business can take out payments even if there are charges that you disagree with, If you don't have enough money for the bill you will be charged with a fee
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Automatic Payment
Definiton- A set and forget type of payment that will continue until the final payment date is reached
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Advantages- pre-set, convenient
Disadvantages- Losing track of payments,some companies may charge a fee
Credit card
Definiton- A card that allows people to borrow funds, but thosehave to be paid back. If not paid back it becomes interest
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Advantages- if you need money in emergencies, not using your own money, convienent,
Disadvantages- Credit card costs more than cash, have to pay back with interest
Internet Banking
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Advantages- convenient if no ATM's are near you, pay bills online, secure, simple to use,set up in advance
Disadvantages- Might go offline, Not completely secure,
Layby
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Advantages- You can hold it until you have money, you can do it over a period of time
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Debit Card
Definition- A debit card allows you to access available funds in your account to make purchases using eftpos
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Disadvantages- System can be offline, if you forget your pin you have no access
Apple Pay
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Advantages- Protect yourself, View your online transactions
Hire Purchase
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Advantages- Payment terms are flexible, Does not oblige the company to keep equipment
Disadvantage- Its a higher price, Its heavy risk if you hire to many things
Definition- Where you give permission for a business to take money out of your account to pay a regular bill- amount normal varies
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