Enterprise: Strand 1 Note: This time you have an extra consideration.
Is it cash or is it bank? The following are types of bank transactions (in fact, most of the transactions are bank).
Banking is covered in Unit 4.
Bank transactions Paypath
Direct debit Standing order Credit transfer Debit card This is where your wages are paid directly into your bank account.
The current account holder gives permission to another person or organisation to request the withdrawal of a variable amount from the account, e.g. phone bills.
An instruction by the account holder to a financial institution to pay a fixed amount to an organisation on a regular date, e.g. mortgage.
A once-off instruction from a current account holder to the financial institution to transfer money into another account.
This allows you to pay for goods and services without using cash. It has a built-in chip and you have a four-digit PIN number. Money is transferred electronically from your account. Note: contactless payments are faster – there is no need to enter a PIN. Amount is usually up to €50.
Credit card
Buy now and pay later, e.g. Mastercard. You have a secure number. Remember, interest is really expensive.