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Methods of Paying - Coggle Diagram
Methods of Paying
cash
Paying with paper moeny
Credit
Paying with Bank's money
Cheque
Sending money from one account to another with a paper slip
Debit
Paying with own money
Contactless
Paying with a card without to need for a pin (max is £45)
Mobile Banking
paying through a mobile app
Dierect Debit
A company will take an agreed amount out of the account each week, month, year
Standing Order
An individual gives an agreed amount to another individual each week or month
Electric Transfer
When money is electronically transferred from one bank to another
Pre-paid Card
A certain amount is put on a card
Charge Card
A card where the individual needs to pay back the full amount each month
BACS (Banks Automated Clearing Service
When a company does not know all the financial details of the individual
CHAPS (Clearing House Automated Payment System)
Like BACS but with fees, a larder deposit amount, and a guarantee of arriving on the correct day