Assignment on Payment Methods

Submitted By:

B.com (Hons.) Semester 6 Section A(morning)

Submitted To: Prof. Fatima Sabir Seven Payment Methods Cash:

Currency and coins on hand, bank balances, and negotiable money orders and checks.For

example, ready money. For accounting purposes, cash includes money in hand, petty cash, bank account balance, customer checks, and marketable securities. It may also include the unutilized portion of an overdraft facility or line of credit.

Cheque:
Demand draft drawn on a bank against its maker's (drawer's) funds, to pay the stated amount of money to the bearer or named party, on presentment (demand) on a stated date or after.Acheque is a negotiable instrument but it can be made non-negotiable by crossing.

Bank Draft:
Bill of exchange drawn by a bank on itself, or on a correspondent bank in another city or country. Bank drafts are commonly used by banks in dealings with other banks, or when a creditor or seller is unwilling to accept an ordinary check from a debtor or buyer in another city or country. (In local transactions a certified check or a cashier's check serves the same purpose.) When a customer (the drawer) requests a draft, the bank withdraws the amount of the draft from his or her account and holds it to honor the draft on its presentment by the drawee. Because, in normal circumstances, a draft is certain to be paid, it is generally accepted as a cash equivalent. Also called banker's draft.

Easy Paisa:
Easypaisa is a branchless banking service in Pakistan. n 2009, Telenor Pakistan partnered with Tameer Micro Finance Bank to introduce branchless banking for the first time in Pakistan with approval of State Bank of Pakistan. Easypaisa is not just limited to Telenor subscribers; its available for all mobile phone users. In fact people without mobile phones can also use Easypaisa services. With Easypaisa, customers have access to conduct their financial transactions, whether they are related to paying bills, sending/receiving money within Pakistan, receiving money from abroad, purchasing airtime (easyload) for their mobile phones or giving donations etc. Any person can use Easypaisa services by visiting their nearest Easypaisa shop, Telenor Franchise, Telenor Sales & Service Center or a Tameer Microfinance Bank branch. As of June 2011, there are thousands of Easypaisa shops operating all over Pakistan.

MoneyGram:
MoneyGram is a US-based payment-services company. It deals in money transfer, bills payment-services, money order and official checks, etc. It is a global leader in worldwide money

transfer services, working in 275,000 locations across 194 countries and territories. It provides a secure way to send and receive money. In Pakistan, it provides the money transfer service though MoneyGram at Bank Al Falah, MCB, KASB, Bank Al Habib, Bank Islami, Tameer Bank, Wall Street Exchange, Paracha Exchange, Royal Exchange, Dollar East and anywhere with the MoneyGram sign.

Credit Card:
Standard-size plastic token, with a magnetic stripe that holds a machine readable code. Credit cards are a convenient substitute for cash or check, and an essential component of electronic commerce and internet commerce. Credit card holders (who may pay annual service charges) draw on a credit limit approved by the card-issuer such as a bank, store, or service provider (an airline, for example). Cardholders normally must pay for credit card purchases within 30 days of purchase to avoid interest and/or penalties.

Debit Card:
Bank card used in cash transactions, but which is not a credit card. In a debit card transaction, the amount of a purchase is withdrawn from the available balance in the card holder's account. If the available funds are insufficient, the transaction is not completed. Also called asset card (in the US), or payment card (in the UK).

Payment Methods On These Websites Paypal:

PayPal acts like a digital wallet where you can securely store all your payment options, such as your bank account and credit card. When you want to make a payment, you don't have to pull out your credit card or type your billing info every time.You have to simply click on the PayPal checkout button, log in to your PayPal account, and select your preferred payment method. The following payment methods are available when sending money: PayPal Balance Instant Bank Transfer Credit card Debit card eCheque Payments using PayPal balance, credit or debit cards and Instant Bank Transfer methods will be credited to the recipient instantly. eCheques will take 5 - 7 business days to clear.

MoneyBookers:
Moneybookers is an e-commerce business site that allows payments to be made through the Internet.For individual users, it serves as an online deposit account and a low-cost, internet-based alternative to traditional money transfer methods such as; Cheques, Money orders Wire transfers To merchants, Moneybookers allows accepting online payments made with; Major payment cards Moneybookers' own online accounts. For businesses, Moneybookers offers;

 Payment gateway Escrow payments Web SMS Fax sending services.

Alert Pay:
Alertpay is an online payment system which is not as well known as Paypal, Moneybookers or Liberty Reserve. It is a payment processor that lets you send and receive money through internet. To perform these transactions Alertpay charge commissions which are generally cheaper than other similar companies. The payment methods adopted by alertpay include; Cheques Debit card Credit card

Google:
Google Checkout is an online payment processing service provided by Google aimed at simplifying the process of paying for online purchases. You can use it by downloading google wallet app You can make purchases through Google Wallet using a credit, debit, or gift card with the following logos: American (USD Only) Discover (USD Only) MasterCard Visa Visa Electron (Outside of US Only) Additionally, some customers may be able to purchase applications from Google Play using direct carrier billing. The types of cards accepted through Google Wallet are based on the seller's location. Other types of payments, such as checks, money orders, and direct bank account debit, aren't currently accepted.

Yahoo!:
Yahoo! Wallet allows users to store credit card, shipping, and billing information in order to make the process easier and faster whenever you make purchases on Yahoo!. You must be a registered Yahoo! user to create a Yahoo! Wallet.In addition to registration information, Yahoo! Wallet asks for credit card information (first and last name, credit card number and expiration date), billing address, and shipping address. The information stored in your wallet is held in the United States Yahoo! Wallet accepts the following payment methods: Visa MasterCard Discover American Express Debit cards with the Visa or MasterCard logo PayPal (Not accepted for all Yahoo! premium services) At this time Yahoo! does not accept checks or money orders as a form of payment for Yahoo! Premium Services.

References:
businessdictionary.com www.yahoo.com www.google.com https://www.moneygram.com/MGI/EN/PK/Market/Market.htm?CC=PK&LC=EN www.moneygram.com http://www.easypaisa.com.pk/index.php/en/about/about-easypaisa