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Methods of payment
Match the explanation with the method of payment
| Term | Definition |
|---|---|
| Standing order | Agreement made with a bank to transfer a fixed sum of money to a third party account on a regular set date |
| Electronic transfer | Payment is transferred directly from one bank account to another |
| Credit card | Issued by financial institutions allowing customers to delay payment of goods and services |
| Direct debit | Agreement made with a bank allowing a third party to withdraw money from an account regularly to pay for goods and services |
| Cheque | A written order to a bank to make a payment from one person's bank account to another account |
| Debit card | Issued by banks for goods and services to be paid directly from a current account |
| Cash | Notes and coins in a wide range of denominations |
| Contactless card | Cards containing antennae allow money to be transferred when the card touches a contactless terminal |
| Store card | Issued by a retailer for customers to delay payments for goods and services |
| BACS | Allows the transfer of payments directly from one account to another |
| Mobile banking | Enables financial transactions using phones or tablets |
| Charge card | Issued by financial institutions allowing customers to delay payments for goods and services for a short period of time. Balance to be paid in full when a statement is issued. |
| Pre-paid card | Money is uploaded to a card and the balance is reduced after each transaction |
Created by:
judy14
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