Methods of payment
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Direct Debit
Definition
What types of payments is it used for?
Companies
A payment that comes out of your account for a third party
Automatic Payment
Definition
Organisations
Community groups
Charities
A payment with a set frenquency that is automatically paid
Advantages
You don't have to worry about payments
What types of payments is it used for?
Easily done
You can do big payments fast
Disadvantages
Rent
Bills
Any regular payments
Debit Card
The person or people on the receiving end could take more than expected
Definition
Credit card that takes money directly from bank account
What types of payments is it used for
Small payments
Groceries
Advantages
Shopping for clothing
The payments automatically go through without hassle
Disadvantages
If you stop needing to make that payment but forget to cancel it it'll still go through
Advantages
No need to pay off at the end of each month
Disadvantages
If you don't have any money at the time, you can't buy anything
It doesn't lend you money
Internet Banking
Contactless
Definition
Accessing and using your bank account online
What types of payments is it used for
Bills
Online shopping
Checking your bank balance
Defintion
Advantages
A payment that is made by your phone.
Easy to access
What type of payments is it used for?
Quickstops
Quick to use
Cafe
No need to leave your home
Disadvantages
Could get hacked
Advantages
Easy and quick payments
If your in a rush and stressed theres no hassle with pins
Its easy to remember to have your phone on you
Disadvantages
💰
If someone gets access to your phone they don't need a pin to acess your money.
Credit card
💸
Definition
A card that allows you to purchase on credit and payit back at the end of the month.
What type of payments is it used for?
Groceries
Petrol
💰
🤑
Stationary
Advantages
You can purchase items on free credit alll month and then pay it back.
Paying it all in one go instead of individually.
Disadvantages
Could get used throughout the month if stolen and you wouldn't realise
💸
🤑
Hire Purchase
Definition
A loan from a shop or store.You take the item and slowly pay it off with interest
What types of payments is it used for
Advantages
Can be paid off slowly if you don't Have enough money.
Expensive purchases
You can get the thing you want immediately even if you can't pay for it right there and then
Disadvantages
Unless it's interest free, the cost multiplies
🤑
Paying interest
Could over-spend without knowing
By Charlotte, Bella and Paige