Payment Methods There are many ways to pay for goods and services.

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A business makes payments for what it buys, In return it receives payments for goods it sells or services it provides.

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Payment Methods There are many ways to pay for goods and services.

Cheques Current account holders can use cheques to make payments. A cheque is written permission to a bank to pay someone a certain amount of money. Cheques are a safe way to pay for goods and services. Complete the stub/counterfoil to keep a record.

Bank draft Usually used for a one-off payment, for larger sums of money Similar to paying cash: the person it is made payable to will have no difficulty obtaining payment for the draft. You pay a small fee. The bank prints a one-off cheque. A safe payment method Your receipt is a record for you to keep.

Standing order In most cases you need a current account An agreement between a customer and their bank – the bank sends money from your account to a third party at your request. It may be a one-off payment or a regular monthly amount. Eg insurance premiums

Direct debit In most cases you need a current account Gives permission for a company to withdraw a variable amount on variable dates from your current account – eg a mortgage repayment each month to the bank Eg utility bill payments, monthly mortgage repayments, car or other loan repayments The company must warn you in advance of each payment. This may be done in a number of ways including letter, payment schedule, and online.

Bank Giro/credit transfer You don’t need a current account. It lets you transfer money to another person’s bank account. Complete a form with their name, account details and the amount. Pay the amount you want to transfer, plus a fee. Eg can be used to pay a credit card bill

Postal/money order A written instruction from one post office to another Asks it to pay a certain sum to a named person Pay a small fee Safe Not used very much now A useful payment method for people who don’t have bank accounts

Payment/plastic cards Pay for goods and services without using notes, coins or cheques Eg Visa, Access, Master Card, Maestro

Online/mobile payments Online banking is available via computers, laptops, tablets and mobile phones. Make payments, make transfers, set up standing orders and direct debits PayPal and Google Checkout are popular with online retailers. Mobile apps let you transfer money using mobile devices. Use a credit card or debit card to make a payment by typing in your card number in a secure payment system, and giving the security number on the back of the card.

How might you pay for these? Monthly mobile bill Present to someone in the USA Monthly insurance premium Online purchase Weekly grocery shopping Petrol College fees