payment methods

paying with layaway?

a buyer selects the items he wants to purchase and the company will hold those items until payment can be made, often the company requires a minimum initial payment and will only hold the item for certain period of time until the full payment is made.

issues with this automatic bank deduction:

banks pays late or not at all, bank pays often a request to stop payment, bank pays too much or too little.

when paying with credit cards?

borrowed money, must have approval from a financial institution to obtain a credit card, interest applied to balance, membership fees, affects your credit score, can be used for purchases in any store accepts the form of credit card.

what payments options are available?

cash, check, debit cards, credit cards, online payment, mobile device, payroll card, layaway plans, automatic bank deductions.

what are some ways when paying with a check?

designed as an alternative to paying with cash, must have amount available in accounts before making a purchase, safe to send through the mail, keep a register of purchases, not all retailers accept checks, require a bank account that can have fees attached, personal info is visible on checks.

using_________ and _____________.

dollars, cents.

negatives to payroll card?

fees , dealing with lost cards.

what are some ways when paying with cash?

reduces impulse purchases, changes spending practices, has greater negotiating power, accepted everywhere, can reduce overall spending.

when paying with debit cards?

tied directly to your checking account, some accounts require an additional fee, a pin is necessary, may be used at atms, cash-back options.

paying with payroll cards?

types of back debit card issued by the employer, draws on the user's wages or salary instead of a deposit account, users access their money from an atms or cash-back purchases in the same manner as with a traditional debit card.

types of credit cards?

universal card visa, master card, discover, company specific credit card: often limited to use in that store; sometimes offers in store rewards.

payment methods one example of an appropriate time to use each method:

using dollar and cents when buying a car, debit when buying food or personal items, credit when paying fro gas or house holding, online when buying something you can not find, mobile when buying with out living the house, checks when paying someone, payroll cash-back, layaway when buying a computer automatic when you need to pay all your bills.

paying with automatic bank deduction?

you ask your bank to automatically pay a specific bill out of your account, this method of payment is generally used to pay regular bills.