7271048
Description
Flashcards by Dawn S_akura, updated more than 1 year ago
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Created by Dawn S_akura
almost 8 years ago
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| Question | Answer |
| ATM | Automated Teller Machine : aka Cash Machine |
| Bacs | the central payment system used to process different types of electronic payments |
| Banker's draft | similar to a cheque but the payment is signed by the financial services provider that issues it, rather than by an individual. used for paying large amounts of money |
| Cashback | a service offered by some retailers when customer pay by card.The retailer gives the customer cash and debits the amount of cash handed over from the customers payment card. |
| Cash Card | a card used to withdraw cash from ATM of branch counters |
| CHAPS | Clearing House Automated Payment System: a same day payment system for high-value transactions, such as house purchase. |
| Cheque | a written instruction to the provider e.g. bank, building society, to pay a specified amount to a specified person or organization. |
| Contactless Card | a card that can be read simply by holding it in front of a card reader . It is used for low-value payments |
| Debit Card | a card that can be used to withdraw cash, make face-to-face transactions in for example shops, and to make payments online or over the phone |
| Debit Credit | an electronic payment into an account, e.g. a salary or benefit payment |
| Direct Debit | an electronic payment out of an account, the amount and frequency can vary |
| Faster Payments | an electronic payment service that enables payments to be made within two hours |
| Mandate | a paper of online instruction to provider e.g bank or building society, to make a payment from an account |
| Prepaid Cards | a card that has to have money credited to it before the card holder can use it to pay fro goods. Once the initial sum of money on the card runs out, it can be topped up again. Some prepaid cards can be loaded with foreign currency and used abroad |
| Standing order | an electronic payment out of an account. Used to make regular payments of the same amount |
| Transaction | buying or selling something |
| Transaction need | the reason why someone needs to make a payment e.g. needing to top up your phone credit so you can use your phone |
| Traveller's Cheque | a pre-printed cheque fro a set amount of currency e.g. US$50. can be exchanged for local currency or used to make payments while abroad. |
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