Category
Cards and Payments
Common UK payment terms covering cards, payees and regular payments.
Cards and payments are where banking language becomes very practical. A person may see these terms when setting up a bill, paying a friend, using a cash machine, subscribing to a service or checking why a payment has not yet fully cleared.
The pages in this category explain the difference between debit cards and credit cards, how payees are identified, and why Direct Debits, standing orders and recurring card payments are not the same. The aim is to make payment wording easier to understand before someone authorises a transaction or queries one with their provider.
9 terms
Cards and Payments terms
- Bank transfer Cards and payments A bank transfer is an instruction to move money from one bank account to another, often using account details such as a sort code and account number.
- Cash machine ATM Cards and payments A cash machine, or ATM, is a self-service machine that lets customers withdraw cash and sometimes check balances or complete other banking tasks.
- Credit card Cards and payments A credit card is a payment card that lets a customer borrow from a card issuer up to an agreed credit limit and repay later.
- Debit card Cards and payments A debit card is a payment card linked to a bank account, usually taking money from the account soon after a purchase or cash withdrawal.
- Direct Debit DD Cards and payments A Direct Debit is an instruction that lets an organisation collect payments from a bank account, usually for bills or subscriptions, under agreed rules.
- Payee Cards and payments A payee is the person, business or organisation that receives a payment from another account or payer.
- Pending transaction Cards and payments A pending transaction is a payment that has been authorised or recorded but has not yet fully cleared or posted to the account.
- Recurring card payment CPA Cards and payments A recurring card payment is an arrangement that lets a business take repeat payments from a debit or credit card using stored card details.
- Standing order Cards and payments A standing order is a regular payment instruction set up by the account holder to send a fixed amount to a chosen payee.