Payment methods

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Last updated 9:21 AM on 6/15/26
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7 Terms

1
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Cash

physical money used to pay for goods and services directly without needing a bank or electronic system.

2
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Credit

Credit allows you to borrow money or buy something now with the agreement that you will repay it later, usually with interest.

3
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Debit

works by taking money directly from a person's bank account when they make a purchase or payment.

4
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Cheque

works by instructing a bank to transfer a specific amount of money from the writer's account to another person or business

5
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Lay-buy

works by allowing a customer to pay for an item in instalments while the store keeps the item until it is fully paid off.

6
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Book up

works by allowing a customer to take goods or services immediately and pay for them later through an account kept by the seller.

7
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Afterpay

allows customers to buy items immediately and pay for them in smaller instalments overtime.