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Topic 3 - Coggle Diagram
Topic 3
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Payment Cards
Cash cards allow account holders to withdraw cash from their account at a branch or using an ATM. They cannot be used to pay sellers in face-to-face situations
Debit cards allow account holders to access cash from their accounts and also to pay for goods in stores, over the internet, by telephone and by post.
Pre-paid cards are like electronic purses. Cardholders load the card with money and then use it to pay for goods or services.
Contactless cards: The advantage of contactless technology is that transactions can be made very quickly. Smartphones, apple/ google pay
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Cheques
The advantages of cheques are that they are a secure way of paying money. They are also easy to carry and to use. For some small businesses, cheques are the most common way that they receive payments.
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Cheque ‘bouncing’ the person who wrote the cheque does not have enough money in their current account to pay the transaction and sends it back to the person who was expecting to receive the payment (the payee)
Banker's Drafts
Payment is guaranteed. Banker’s drafts tend to be used for paying large sums of money when a personal cheque is not appropriate.
Paying by personal cheque, the car dealer would ask her to wait for 10 days to ensure the money had transferred
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