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18 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Atm |
Automated teller machine also known as a cash machine |
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Bacs |
A central payment system used to process different types of electronic payments |
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Bankers draft |
It is similar to a cheque but the payment is signed by a guaranteed by the financial services provider that issues it rather than by the individual. It is used for paying large sums of money |
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Cash back |
A service offered by some retailers when customers pay by card. Retailer gives customer cash and debits the amount from their account |
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Cash card |
A card used to withdraw cash from atms or branch counters |
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CHAPS |
Clearing house automated payment system |
A same day payment system for high value transactions such as a house purchase |
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Cheque |
A written instruction to the provider to pay a specific amount to a specified person or organisation |
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Contactless card |
A card that can be read simply by holding it in front of a card reader. It can only be used for low value payments |
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Debit card |
A card that can be used to withdraw cash, make face to face transactions and make payments online or over the phone |
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Direct credit |
An electronic payment into an account |
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Direct debit |
An electronic payment out of an account |
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Faster payments |
An electronic payment service that enables payments to be made within two hours |
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Mandate |
A paper it online instruction to a provider to make a payment from an account |
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Prepaid cards |
A card that has to have money credited to it before the card holder can use it to pay for goods. It can be topped up and loaded with foreign currency and used abroad |
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Standing order |
And electronic payment out of an account. It makes regular payments of the same amount |
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Transaction |
Buying or selling something |
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Transaction needs |
The reason why someone needs to make a payment eg. Topping up credit on phone |
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Travellers cheque |
A pre printer cheque for a set amount of currency that can be exchanged for local currency or used to make payments while abroad |
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