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Topic 3, payment methods. - Coggle Diagram
Topic 3, payment methods.
Key terms
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contactless card: a card that can be read simply by holding it infront of a card reader, used for low value payments.
CHEQUES: an order to a bank to pay a stated sum from the drawer's account, written on a specially printed form.
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CASHBACK: A service offered by some retailers when customers pay by card. The retailer gives the customers cash and debits the amount of cash handed over from customers.
BACS: Bacs stands for Bankers' automated clearing system and it is the electronic way of transferring money from one bank to another
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Disadvantages of cash
The transaction is not made face-to-face with the seller – people cannot pay
by cash when they buy goods or services over the internet
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Some sellers prefer other payment methods – some sellers prefer transactions
to be made online,
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disadvantages
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Another disadvantage is the risk that the account holder will make a mistake. When
an account holder uses electronic payments
An error such as entering the decimal point in the wrong place could mean for instance that an intended payment of 50.14 becomes a payment of 5,014