Methods of payment on business trips From booking flights and accommodation to paying for meals, there are a variety of different payment methods available.

Slides:

Advertisements

Similar presentations

A business makes payments for what it buys, In return it receives payments for goods it sells or services it provides.

Advertisements

Credit and Credit Cards

Types of Credit Consumer Loan One time loan that the borrower pays back in a specified period of time with a pre-determined payment schedule Home mortgages,

Copyright, 1996 © Dale Carnegie & Associates, Inc. BANK ON IT Money Smart Course Indiana Department of Financial Institutions.

Taxi fares Restaurant bills Refreshments Car Parking Certain expenses cannot be paid for in advance. These can be paid for using:

CHAPTER 25 Checking Accounts. CHAPTER 25 Checking Accounts.

Where to Stash Your Cash

Financial Literacy Skills

Credit Vs. Debit cards. What are Credit Cards? Pre-approved credit which can be used for the purchase of items now and payment of them later.

Making, receiving and recording payments made to or from a business Welsh translation of above.

Checking Accounts Checking Accounts.

Checking Accounts & Banking Services

Intro to Business, 7e © 2009 South-Western, Cengage Learning SLIDE1 CHAPTER Banks and Other Financial Institutions Financial Services.

Understand the role of finance in business Understand the banking system.

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 17 SLIDE Banks and Other Financial Institutions 17-2.

Chapter 4 Money Management Managing Checking and Savings Accounts –Checking and savings accounts are the foundation of financial asset management –Cash.

Credit cards and Debit Cards, Credit and Debt

Understanding Credit Cards

(Usually have to be 18 years old to open & get ATM or debit card)

Credit Card vs. Debit Card. Debit Cards Also called “check cards” –Works just like writing a check Deducts money from your checking account.

3. 18 Methods of making and receiving payments Methods of making and receiving payments Banks and bank accounts  All businesses have bank accounts.

Check It Out 1. 2 Purpose Check It Out will teach you how to use a checking account responsibly.

FINANCE Chapter 9 Checking Accounts and Other Banking Services.

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 17 SLIDE Banks and Other Financial Institutions 17-2.

Common payment services What are the common payment services provided by financial institutions? 1.

Banking: Checking Account What is a Checking Account? An account where money is deposited and kept for day-to-day expenses Also called demand deposit.

FINANCE$ “Dollars and Sense”. “How Do I Pay For Stuff??” When buying a product or service you can use… When buying a product or service you can use… Cash.

Chapter © 2010 South-Western, Cengage Learning Checking Accounts and Banking Services Banking Services and Fees 9.

The difference between a Credit and Debit Card Debit card: Give you access to your funds immediately Credit card: You use money you don’t have but are.

Checking Accounts. What is a Checking Account? 1.A checking account is a sum of money that you deposit in a bank or other financial institution, to hold.

BANKING SERVICES. Types of Financial Institutions Commercial Banks Savings and Loan Associations Credit Unions Brokerage Firms.

Bank On It 1. 2 Purpose Bank On It : Is an overview of banking services. Will help you build a positive relationship with banks, thrifts, and credit unions.

Payment Methods and Credit. In This Lesson: 1.Compare the advantages and disadvantages of using various payment methods. 2.Differentiate between a debit.

Credit Cards One of the most popular forms of credit Next Slide.

WAYS OF PAYMENT IN TOURISM. Ways of payment in tourism: cash travellers cheque (traveler’s cheque) debit or credit card voucher.

Banking Services. Overview of Services  Different types of accounts  Loans  Lines of credit  Credit cards  Direct deposit  Money orders and drafts.

Introduction to Business © Thomson South-Western ChapterChapter Banking and Financial Services Banks and Other Financial Institutions Financial.

Paying for Travel Unit 7a. Click to return to Sum up page Types of Expenses incurred Cost of package to travel agent Travel, eg train ticket Accommodation,

BANKING and CHECKING Chapter 7. Why Do We Have Banks?

ATM Card & PIN: Enables you to use anytime or day, PIN allows you to make authorized transactions to your account. ATM deposits: May submit currency.

Objective 4.02 Understand the banking system Classification of financial institutions.

Chapter 10 Banking.

Ch. 7: Banking Services 7.1 How Banks Work

Banking Math 10 Essentials. Banking Transactions A bank is an financial institution which deals with cash, domestic and foreign, receives and stores deposits.

Chapter 9 Checking Accounts.

2 You Will Know Major types of insured financial institutions Basic banking terms Differences between banks and check-cashing services Bank employees.

Banking How banks work along with checking accounts.

Checking Account. Key Terms Check Online and smartphone banking Deposit/credit Automated Teller Machines (ATMs) Debit Overdrawn Balance/reconcile Overdraft.

* Do you have a checking account or credit card that you pay for? Do you know how to manage a checking account or credit card? * Please put your responses.

F INDING F INANCIAL S ERVICES AND T RACKING Y OUR M ONEY.

Check It Out 1. 2 Introductions Instructor and student introductions Module overview.

ESSENTIAL STANDARD 4.00 Understand the role of finance in business.

Checking & Savings Accounts Economics What is a Checking Account?  Common financial service used by many consumers (a place to keep money)  Funds.

Checking Account & Debit Card Simulation Understanding Checking Accounts and Debit Card Transactions.

Step 2 – Register a Card To register a UR Card, you can send an to or fill out the registration form at one of our awesome

More bankingChecks, etc. Check types ServicesMisc. Banking Banking Services Game.

Admin Services Int 2 - Outcome 51 Outcome 5 The procedures for arranging and paying for business travel and accommodation  Information required before.

HOW TO CHOOSE A CREDIT CARD. CHARGE IT! Using credit cards to pay for goods and services is a fact of life for most consumers. Yet, many consumers do.

Other Banking Services Chapter 7.5. Certified Check ► Personal check ► Stamped and signed by bank officer ► Charges a fee - $5-$20 ► Withdrawals money.

Finance Unit Consumer Economics. Unit Overview I.How Banks Work II.Selection of Financial Institutions III.Checking Accounts IV.Budgets.

DEBIT CARDS. What is a Debit Card? almost instantaneously  When a consumer makes a purchase with a debit card, the funds are electronically transferred.

Lesson 5.2 Banking Services and Fees

Credit, Debit, and ATM Cards

Financial Institutions Electronic Banking Checking Accounts

Banks Next Slide © Annie Patton.

Banking Services & Savings

TERMINOLOGY & WHY WE BANK

Lesson 4.2 Banking Services and Fees

Presentation transcript:

Methods of payment on business trips From booking flights and accommodation to paying for meals, there are a variety of different payment methods available. The options are: currency travellers’ cheques credit cards debit card cheques By travelling with a combination of the above options, a business traveller can minimise the risk of theft or loss while still ensuring that money is available when required.

Currency All travellers should have a small amount of foreign currency when they first arrive at their destination. Different countries have their own type of money; in Britain the currency is the pound (£), in most European countries the currency is the euro (€) and in America the currency is the dollar To pay for incidental items such as newspapers, snacks, bus tickets or cab fares travellers should always carry a small amount of local currency. It is not advised that travellers carry large amounts of cash in case of theft. Most travel insurance polices limit the amount of cover for cash to £250.

Travellers’ Cheques Available in all major currencies and in a variety of different denominations, travellers’ cheques are signed by the traveller on receipt and then again when used. The second signature must be completed in the presence of a cashier who should also check the traveller’s passport for identification purposes. Like cash, travellers’ cheques are a convenient and easy-to-use method of payment which is accepted worldwide. However, unlike cash, travellers’ cheques are replaced if lost or stolen. It is important that the traveller records the serial number of travellers’ cheques as these are required in the event of theft or loss.

Credit Card A traveller may use a credit card to purchase goods and services or obtain cash advances. Instead of paying the cash at once, a statement is received every month. The traveller can choose to pay for the items at the end of each month or carry the debt over into the next month. If the balance is not paid in full by the ‘payment-due date’ interest is charged on the outstanding amount. Most foreign businesses take credit-card payments and many automatic teller machines (ATMs) around the world accept credit cards. However, some credit-card companies charge customers a fee for using it outside the UK. On the other hand, the exchange rate used is much more competitive than those offered by most foreign exchange bureaux.

Debit Card Banks issue debit cards to customers who hold a current account. At home, debit cards are used to withdraw cash from ATMs and pay for goods and services. Unlike credit cards, debit-card payments are (almost) immediately deducted from the holder’s bank account. When abroad, debit cards can be used at many ATMs to withdraw cash in the local currency. Many banks are part of international alliances but travellers should first check with their bank to determine which ATMs will accept their debit card.

Cheques Cheques are a relatively safe method of paying for travel and accommodation in advance if the trip has been organised through a UK agent. However, cheques are of no use to the traveller if the trip is outside the UK. If a traveller requires a cheque to be made out in a foreign currency this must be arranged through a bank for which a fee of approximately £20 per cheque is charged.