methods of payments

• money facilitates personal transactions by

  1. buying goods and services
  2. makes payments such as rent ,utility,rates etc
  3. bus fare or other transport cost
  4. paying school fees,tuition,etc
  5. spending in the school canteen or village
• cheque is a written order to a bank to pay a specified sum of money to a specified person on a specified date
• cash includes dollars or coins paid by the recipient of goods/services to the provider
• bank drafts is similar to cheques(it is the same thing)
• bank drafts are a type of negotiable instrument that is a promise to pay a certain amount of money on a certain date
• methods used for making payments

  1. bank drafts/cheques
  2. debit card
  3. credit card
  4. money transfer
  5. standing order
  6. internet banking
• debit card is a card that allows the holder to to transfer money electronically from their bank account e.g bsp easy card
• crdit card is a piece of metal or plastic issued by a bank allowing the holder to use funds from a preapproved limit to pay for purchases
• money transfers allow people to send money quickly and easily between accounts, either within the country or internationally.
• a standing order is an instruction given to your bank to make regular payments out of your current account at set intervals (e.g weekly, monthly) until further notice
• internet banking is when customers can access their bank accounts online using a computer or mobile device with internet connection
• internet banking is when customers can access their bank accounts online using a computer with internet connection