Ways To Pay 💰
Madi, Rivkah, Sophie-Maree
Direct Debit
Internet Banking
Automatic Payments
Credit Cards
Contactless Payments eg Apple wave
An arrangement made with a bank that allows a third party to transfer money from a person's account on specific dates, typically in order to pay bills
A method of banking in which transactions are conducted electronically via the Internet
A small plastic card issued by a bank, , etc., allowing the holder to purchase goods or services on credit
It's a secure method for consumers to purchase products or services via debit, credt cards.
Advantages
A money transfer scheduled for a specefic date
Disadvantages
Its used for paying fixed amounts regularly, like rent or savings
Disadvantages
Advantages
It allows you to make banking transactions such as transferring money, paying a bill.
Advantages:
Disadvantages:
A Direct Debit is an instruction from you to your bank or building society. It authorises the organisation you want to pay to collect varying amounts from your account – but only if you've been given advanced notice of the amounts and dates of collection.
Advantages
Disavantages
Hire Purchase
you don't have to use a pin number
you can only allow to spend up to 80 dollars
A system by which one pays for a thing in regular instalments while having the use of it.
people can use your card because their is no pin number
you dont need to put a pin number
if forget your card will always have your phone so that means you always have money though apple pay
It is different from other types of borrowing because you don't own the goods until you have paid in full. Under an HP agreement, you hire the goods and then pay an agreed amount by instalments.
By eliminating paper bills and check writing
can be set up in a matter of minutes. But stopping them can be much more difficult.
Some companies will charge you a fee
With automatic payment plans, it can be easy to forget what gets paid each month
a convenient way to pay for houshold services
can be paid regularly automatically
they prevent you from running up big balances and interest charges on credit cards
amounts paid may not always be the same
security of transactions is a big issue, your account information might get hacked by unauthorized people over the internet
you need to have sufficient funds in your account to cover
Its quick
You can pay someone whenever you want
Online account is simple to open and easy to operate.
You don't have to physically go up to the person and give them money
You cannot have access if you don’t have an internet
You cannot use it, in case, the bank’s server is down
The money could get lost. You could get hacked and lose the money.
Disadvantages
Advantages
The goods are delivered in the possession of the purchaser at the time of commencement of the agreement
The hire-purchaser has a right to use the goods as a bailer.
The price under hire-purchase system is paid in instalments
Hire purchase system creates artificial demand for the product. The buyer is tempted to purchase the products, even if he does not need or afford to buy the product
The seller runs a heavy risk under such system, though he has the right to take back the articles from the defaulting customers. The second hand goods fetch little price.
A buyer has to pay higher price for the article purchased which includes cost plus interest. The rate of interest is quite high
By setting all your bills to be paid automatically, you’re not as pressured to keep track of what needs to be paid
no longer have to pay for checks, or gas for trips to the post office, having your bills paid automatically saves you money too
they are designed to pay for things in shops or online. You can also use credit cards for balance transfers and taking out cash (also known as cash advance or cash withdrawal) from an ATM.
Advantages
Disadvantages
When you run out of money on your card and don't have cash your stuck
applying for multiple accounts can lower your credit score
interest can be costly when a balance is revolved
a credit card can be used as a convenient way to check and record your spending
many credit card companies offer low introductory interest rates
wider acceptance and recognition, especially in online transactions
I would use it when I was buying something big Like a house or couch or a car, I wouldn't use it when I was just going to the diary to buy lollies
I would use it when I had to pay a bill (my parents would)
I would use it when I dont have any cash on me
I would use it when I don't have my cards on me
I would use it when I had bought something big but I have to pay it off bit by bit.