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CASH
is a popular form of payment with customers
Cash can be re­used for other transactions immediately
Transactions are completed immediately
ADV: Ideal for small purchases
DIS: Has to be locked away for security
Cheques
Effectively a promise to pay the amount stated
Cheques must be presented to a bank in order to obtain the payment
It usually takes at least 3 working days to “clear”
ADV: Better for large amounts
DIS: It can “bounce”
Debit Cards
A plastic card, issued by the bank, which allows payment to be made without writing a cheque or carrying cash
ADV: Guaranteed Payment, Can be used for mail order or online purchases
DIS: Danger of fraud – hence new chip and pin
Credit Cards
It looks just like a debit card – and is also issued by banks
It is a form of borrowing so MUST be used sensibly
ADV: Enables the cardholder to borrow money
DIS: High interest rates so expensive way to borrow

Payment Methods
Instructions | More on the Hexagons Approach

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