Credit card and Debit Card
Similar but what are the
Debit and credit cards are
similar but work in completely different ways. A debit cards take out cash from
your bank account when you buy something from a store or online.
Credit card is a card from bank
that you have to apply for depending on your credit score. This is a system
where when you take out money from the credit card you have to pay it back. There is a limit to how much you can use
which is set by the bank that issued the card.
A paper cheque is a piece of
paper where the owner of the cheque book can write an amount where both sides
has agreed upon. For example if you were to buy a car and it costs £2000 you
can write that amount to the seller which then they can go to the bank to cash
An electronic cheque is an electronic
duplicate of a genuine check, which is then exchanged by email. Including the
owners signature, the exchange must be signed utilizing the sender’s private
What are they?
This is a document that a
business or the government might do their business. It is a negotiable document
where the business can transfer money in to the account for working of you can
give the business the check for something on return
Cheques offer the advantage of
more security for cheques that have been mailed. Just the named receiver can
show a paper cheques for instalment. In the event that the beneficiary denies
getting the check, the organization can contact the bank to confirm who
exhibited the check. Any errors can be settled with the bank specifically.
Cheques allow people and
organizations to pay for products and ventures over a specific time-frame. Each
Cheques has a date and it can’t be cashed before this date, subsequently
causing delays in payments. Post-dated Cheques are regularly utilized by numerous
people which has prompt numerous organizations not accepting them.
A debit card is a card that is
linked directly to your account so you can access money that you have earned
yourself. Your card is protected by a pin that can by 4 or 6 digits long. The pin
is usually given to you by the bank you have signed up to which you can change
at any time.
Debit cards can be risky to use because if the card is
stolen that person will have access to your account and all the money in it. If
that person that steals your card the probability of fraud will be high
depending on how long you take to report this.
Invoice (30 day terms)
Customer or supplier
An invoice is a
document sent by a supplier of an item or administration to the buyer. The
invoice sets up a commitment with respect to the buyer to pay. The invoice is a
verification of the understanding between the BUYER and SELLER of the products
Perfect for organizations with a
high cost of sales, for example, temporary work, as an extensive piece of your
invoice paid straight away, which will support income and boost cash flow.
Invoice isn’t the easiest method
for business financing. Organizations will regularly charge in the vicinity of
one and four percent of each invoice. There may likewise be charges if your
customers don’t pay their invoices on time. Organizations need to look into all
the related expenses and comprehend that the yearly rate may be substantially
higher than anticipated
Commercial E-Pay systems
Google pay which is also known as
google wallet or android pay is a payment system developed by google which
allows people to buy items with their phone which is linked to a credit or
debit card. This can be used through a google wallet app which is available on
the app store on iPhone or the google store if you have an android phone like a
Samsung. This can store credit cards,
debit cards loyalty cards from other business and vouchers.
With apple pay it is called
wallet on the phone, it is only available for iPhone because in comes
pre-installed on the phone once you receive it. This a payment system where you
link your bank account to accredit card or debit card and you will be able to
pay for items by scanning your phone. On apple pay you can add up to 12 cards
on the device at once.
Microsoft wallet is a payment
system only available Microsoft phones. To set up you need to have a Microsoft
account with your preferred payment methods shipping address. It is stored in a
safe and secured place. This accepts all major credit and debit cards.
This is a payment system only available
for Garmin smart watches. Like other payment systems this accepts credit or
debit card. This is a payment system that is on your watch where you can make
purchases without your phone. This also works anywhere where it has a
contactless sign. This is an easier way than your phone, card or carrying
Payment methods on the phone is
easier than carrying around a credit or debit card or cash. This is a
convenient way because everyone has a phone it is unlikely that some won’t have
a phone. Also with the phone it is faster and easier than a card or cash
because you will have to have the cash ready when the cashier says the amount
that is need and it is faster than just typing the pin in to the machine.
If you have an old model phone
like an iPhone 4 it is unlikely that it will have apple pay on it only recent
models will have apple pay like the iPhone 5,6,7,9 and x. Also not all stores
will have mobile payment systems, this might be that the store may not be able
to afford it even though that it is growing more and more popular. Sometimes
the app may require an update to work to the best and if you are not connect to
the internet for a long time one you turn on mobile data it will start to
How do you get setup
with these types of payment systems/what do you need to have up front?
To get set up with any of these
systems you will have to have one the recent models of phone or a smart watch. To
set up the e-pay you can have the IPhone. The first thing you need to do is go
to the wallet app and tap it, it should open up. After the app has opened tap
the plus icon in the blue circle. After that a new page should open with
continue at the bottom which you tap and then scan the card for your details or
you can type it in manually.
How is it different from
With apple pay
or E-pay systems it is contactless you can just hold your device up to the card
machine and pay for the thing you want to buy right there. Whereas with pay pal
it is for more online buying. Pay pal allows you to pay, transfer money and
accept payments and all you have to do is register your credit card or debit
One of the biggest benefits of using pay pal is that most
people already have an account so being able to transfer and accept money will
be easy. Another advantage to PayPal is that there is no monthly fees to use
their process but then can charge you another fee depending on the type of
credit card used.
If a business signs up for pay pal and is working with a
large amount of money it will make it easier because the business can transfer
money in to the staffs account with no hassle. It can be used to pay other
business if they have bought something.
A disadvantage of pay pal is that
your account can be frozen without warning if pay pal gets complaints about
your account. If your account has been frozen you won’t receive a message or a
e-mail. Also they can freeze your account for about 180 days so the money you
have in your account won’t be able to access until the ban is over.
Furthermore if you sell items
online and a problem arises for example it gets lost in the mail and you or
your business has no way of tracking it PayPal is highly likely going to side
with the buyer. Also EBay now owns PayPal and if there is a problem with you
PayPal account there is going to be trouble with your EBay account as well if
you have them linked.