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Exercise 3.




Lesson 2 Types of payment

 

Exercise 1. Read and translate the words:

 

payment , transfer, cash, credit cards, mobile handset, internet banking and e-commerce payment systems , non-cash (cashless), gift certificate, cash-substitutes

electronic funds transfers, for transfer funds between domestically financial institutions, contactless card , magnetic stripe card, smartcard.

 

Exercise 2.

 

1. Global ….. providers are Visa and Mastercard.

2. There are … of payment methods; exchanging and provisioning.

3. A credit card is one of the most popular ways to … .

4. A gift certificate is a less common …. .

5. Both paper money and coins are included under the larger category of "…." .

6. Mobile handset based payments are called … .

7. The term … can refer narrowly to e-commerce - a payment for buying and selling goods or services offered through the Internet.

8. The simplest and oldest form of payment is …

9. The personal check is a form of … .They cannot … to make online purchases.

10. Payments may be classified by the … involved to consummate a transaction.

 

Exercise 3.

 

1. A (оплата готівкою) requires a minimum of three parties (the seller, the purchaser, and the issuer of the currency).

2. Cash (можна обміняти) at your local bank.

3. A (подарунковий сертифікат) is a relatively new form of payment.

4. There are ( два типи розрахунків); exchanging and provisioning.

5. A payment is (передача грошей) from one party (such as a person or company) to another.

6. (найпростішою і найстарішою формою розрахунку) is barter .

7. There are no arbitrary (обмежень щодо форм розрахунку).

8. There are a variety of (способи оплати) for your purchases.

9. (іноземна валюта) is exactly like any other form of cash.

10. Payments may be classified by (кількістю учасників) involved to consummate a transaction.

11. (електронні розрахункові) technologies are magnetic stripe card, smartcard, contactless card and mobile handset.

12. Provisioning is to ( передача грошей) from one account to another.

13. (інтернет-банкінг та електронна комерційна платіжна система)
is used for transfer funds between domestically financial institutions.

14. Payment systems may be (фізичною або електронною).

 

Exercise 4.Types of Payment Systems

Four types of money systems facilitate business transactions through the payments system.

1. Commodity Money - one commodity is selected as money, such as gold and silver. If this commodity was not used as money, this commodity still has a purpose. Commodity money can be anything. There are two forms of commodity money.

1. Full-bodied money - money whose value as a good in non-money purpose is equivalent to its value as a medium of exchange. The coin is a full-bodied commodity money. If gold was not used as money, it still has other uses, such as jewelry, teeth fillings, wires. etc.

2. Representative full-bodied money - money that inherently has little value, such as paper bills, but the money can be converted into a commodity, such as gold and silver. Most of mankind used some form of commodity money before the 20th century, but commodity money has been replaced by fiat money.

2. Fiat Money - issued by governments and central banks. Most money used in the world today is this type and fiat money is a 20th century invention. In the United States, the Federal Reserve System is the authority that issues U.S. dollars. This money cannot be used as anything else, and cannot be exchanged for another commodity from government. Countries that have very high inflation rates or hyperinflation are caused by rapid growths in the money supply. A noble prize laureate in economics, Milton Friedman, concluded that "Inflation is always and everywhere a monetary phenomenon."

3. Checks - credit money issued by financial institutions. Banks, credit unions, and other financial institutions offer checking accounts to people and businesses. The checks are the medium of exchange and can be used to purchase goods and services. Checks have many benefits. People and businesses do not have to carry cash, the check provides proof of a business transaction, and checks are convenient in transactions, such as buying a house or car. However, checks have two problems.

    1. Extra fees - financial institution may charge fees for using checks.

2. Limited acceptance -the check writer abuses their account and writes checks for a greater amount than what is in the account. Some businesses and people do not accept checks, because they cannot verify if this person has sufficient funds in his account.

4. Electronic Funds improve the efficiency of the payments system. Two major innovations were introduced.

1. Automated teller machine (ATM) - ATMs are connected together through networks. One of the largest networks is Cirrus. The Cirrus network allows customers to not only access their accounts at financial institutions 24 hours a day, 7 days a week, but from almost every city in the United States and 67 foreign countries around the world.

2. Debit card - many retail and grocery stores are linked to banks. When a customer makes a purchase, the customer can pay for his goods and services by having the store electronically transfer funds from the customer's checking account to the store's account. The debit card removes the uncertainty that the customer has sufficient funds in his account for the transaction.

Question 1: Objects with intrinsic value
 
  Fiat Money  
  Checks  
  Commodity Money  
Question 2: Value comes from government decree (or fiat)
 
  Commodity Money  
  Fiat Money  
  Checks  
Question 3: Instructions to the bank to shifts funds from your account to that of the person or firm whose name is written in the “Pay to the Order of” line.
 
  Commodity Money  
  Checks  
  Fiat Money  
Question 4: Electronic message to your bank to transfer funds immediately, like a check
 
  Checking Card  
  Credit Card  
  Debit Card  
Question 5: Deferred payment – Issuer makes payment for you – You have to pay it back
 
  Debit Card  
  Credit Card  
  Check Card  

 


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