Methods of payment

• What are the methods of payment?

  • Cash
  • Debit card
  • Credit card
  • Cheque
  • Mobile banking
  • Electronic transfer
  • Direct debit
  • Standing order
  • Prepaid card
  • Contactless card
  • Charge card
  • Store cards
  • BACS
  • CHAPS
• Cash

  Physical notes or coins
• Debit card

  Card which takes money directly from your current account
• Credit card

  Card given to you by the bank which has a credit limit on how much you can spend
• Cheque

  An order to a bank to pay a stated amount from one person's account to another
• Direct debit

  Automatic payments made from your bank account to the organisation you want to pay
• prepaid card

  a card that is loaded with money when it is first bought and can be topped up
• contactless card

  allows money transfers by touching the card on a contactless terminal
• store cards

  retail outlets given to customers to purchase their products on credit and can only be used in the store that it was issued in
• mobile banking

  money transactions made using a mobile device
• BACS

  an electronic systems that makes payments from one account to another and is mainly used in direct debit