Payment methods
What is a Cheque?
A cheque an order to a bank to pay a stated sum from the drawer's account, written on a specially printed form. To be capable to create a payment by cheque a business essential is to have a current bank account and be issued with a cheque book.
What are Credit cards?
A credit card is a small plastic card supplied by a bank, building society, etc., allowing the holder to purchase goods or services on credit. When a credit card is used and there is enough money in an account, the product may still be bought but interest is charged on money that is borrowed but other banks charge an annual fee.
What are Debit cards?
A debit card is an easy instant way to pay money to another business, person on third party. A Debit Card can be used to pay for most items as long as the correct payment or more is in the account. The money is usually taken from the account instantly or may even be taken shortly after the business transaction has been done. Debit Cards can be used daily and can be used to purchase everyday products.
What is a credit and debit transfer?
A Direct Debit can only be set up by the business that you're making the payment too. Normally, you sign a form that gives the company permission to take funds from your account in a way that you have agreed upon - like a monthly gym membership or your mobile phone bill.
What is an online payment?
A online payment can be made using a Debit Card, Credit Card or other types of online payments. Using a Debit Card or Credit Card requires you to input your detail as the which theses can be stolen or fraud can occur. PayPal is a way of paying online. PayPal although requires you to input a Credit or Debit Card offers a safe, quick and easy way of paying.
What is Cash?
Cash is money in coins or notes, as distinct from cheques, money orders, or credit.Cash in known as a hand to hand payment and everyday payment method, this means you give the money straight up when you purchase a product.
