Bankers Automated Clearing Services (BACS) it’s an automated system to make payments from one account to another there usually used for direct debits but it can take up to 3 days.Faster Payments Service (FPS) It is an electronic payment type that can be done by phone, laptop or by the bank. Is used to pay in seconds and is quicker than BACS.
Explain the difference between a standing order and a direct debit.Standing order, withdrawal is made at a regular interval and the amount of money is fixed. The amount cannot change unless you cancel the previous standing order and issue a new one. On the other hand, both the amount and the interval may change in case of debit. in the case of the standing order, usually takes 3 days for the money to reach the recipient’s account and also the transaction is free for you. In the case of direct debit, the transaction is instantaneous, and the company receives the amount quickly.
Ways to pay:CASH , paper money and metal money that are used as a means to buy things. Allowed everywhere you go. This is quicker than other methods. You do not need to identify with ID or passport….Danger of theft or loss, and possibility of fraud. It is not possible to use cash as a payment on internet. DEBIT CARD is a financial instrument issued by an entity that allows the person, in whose favour is issued to use as a payment. Are easier to hire, you only need to hire a current account. Also, are free, and has less commissions…. Limited amount, the money used comes from the checking account itself, so it cannot be spent beyond the balance we have in it. Less secure, this one has less protection against theft or loss. PAY PAYL l is an online banking system that allows users to buy things through internet without providing their credit card information to websites. Easy, you associate a bank card with your email account and that’s it. Also, secure system, your bank details be always protected. Quick, same day the money is sent …

This allows a saving limit. Also, in certain they require any commissions. And some businesses may be hurt by withholding payments.BANK TRANSFER monet transfers made by a customer from their bank account to another account. The money is received in advance. Low cost for commerce. It does not add commissions for the seller…Usually take more than 24hours to become effective. Delay in the purchase process. And has a risk that the buyer does not make the payment. APPLE PAY allows users to associate more than one credit card to make their payments through the phone. Speed and ease of payment. Eliminate the problem of change and lack of cash. Avoid long lines at points of sales…..Necessary a mobile phone or smartphone. Infrastructure dependency (software updates).LOAN, operations in which one person or the bank lends money to someone over a contract where they reach an agreement. It allows the one-time financing of the acquisition of an asset. The forecast of the payments to be made is simple, because of their amortization through periodic instalments. Also allows to know the outstanding debts. …. It must determine exactly the amount of funds requested. It is not possible to reuse the funds once they are used, unlike what happens with the credit account. It is necessary to provide guarantees that guarantee the amount loaned. FINANCE this is the capital from external sources as banks or individual people.

This allows you to keep your resources on hand to use as working capital or to survive bad business periods. Need for a guarantee or guarantee of payment. Sometimes, the bank may request a guarantee to be able to obtain the credit. CREDIT CARD It is a plastic card issued by a financial company and allows its owner the option of borrowing money from the issuer. Being able to plan your expenses and defer payments. Avoid carrying cash with you. And keep an organized record of your purchases……They may involve additional charges for financing or for their use. If you do not have discipline and you use it, you only pay the minimum or you are not clear on the payment dates. CHEQUE document that one person extends and delivers to another so he can withdraw an amount of money from the funds he has in the bank. Can be issued when you want or you need (if you have money in your bank account) which provides added security over the cash, due to you will not have to keep your money in your pocket…. Paying by checks runs the risk that the check will run out of funds if your checking account does not have enough money.