Methods Of Payment
1
1
Money comes directly from your bank account. Can be used online or tapped in stores.
Debit Card
Physical money, like coins and bills, that you can use for purchases.
Cash
Change
The money you get back after paying more than the total cost.
An app on a device with a bank account linked. Tap your phone or watch to pay, and money is sent from your account.
Electronic Wallet
Borrow money from a bank to pay now and pay it back later. It can be used online and builds credit.
Credit Card
Payment
The money you give to buy something.
Money is sent automatically to your bank account, usually from your employer.
Automatic Deposit
Ask a bank to send money to another bank. Used for large payments safely.
Wire Transfer
Discount
A lower price or the amount taken off the original price.
Send money directly to someone’s email or phone. Only the money you have can be sent.
Electronic Money Transfer (EMT)
Money is automatically sent from your bank to pay bills like phone or utilities each month.
Automatic Payment
Tax
Extra money added to the price by the government.
Money exchanged electronically through a business’s online platform, like PayPal.
Digital currency with no physical coins. It is secured by encryption and includes Bitcoin.
Cryptocurrency
Total
The absolute final cost, after all additions (tax, discount, etc.)