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The document discusses various methods of receiving payments from customers, including cash, cheques, credit/debit cards, and other electronic methods. It provides details on processing and securing each type of payment, as well as considerations for different business contexts. Proper documentation of payments through remittance advices and receipts is also covered. Common issues like forgery, theft, and dishonored payments are addressed. The document also includes examples of discussing payment options with customers in different scenarios.
The document discusses various methods of receiving payments from customers, including cash, cheques, credit/debit cards, and other electronic methods. It provides details on processing and securing each type of payment, as well as considerations for different business contexts. Proper documentation of payments through remittance advices and receipts is also covered. Common issues like forgery, theft, and dishonored payments are addressed. The document also includes examples of discussing payment options with customers in different scenarios.
Copyright:
Attribution Non-Commercial (BY-NC)
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Als PPTX, PDF, TXT herunterladen oder online auf Scribd lesen
The document discusses various methods of receiving payments from customers, including cash, cheques, credit/debit cards, and other electronic methods. It provides details on processing and securing each type of payment, as well as considerations for different business contexts. Proper documentation of payments through remittance advices and receipts is also covered. Common issues like forgery, theft, and dishonored payments are addressed. The document also includes examples of discussing payment options with customers in different scenarios.
Copyright:
Attribution Non-Commercial (BY-NC)
Verfügbare Formate
Als PPTX, PDF, TXT herunterladen oder online auf Scribd lesen
Contents Control over receipts Remittance advices Receipts given to customers Ways in which customers pay Cash: physical security considerations Cheques Receipt of cheque payments Receipt of card payments EFTPOS Other receipts Control over receipts Ensure a good cash flow Banking (performed promptly and correctly) Security (avoiding loss or theft) Documentation (remittance advice) Remittance advices Trade customers usually send a remittance advice with their payment A remittance advice shows which invoices a payment covers Receipts given to customers Till receipts Cash Register Issuedby a cash operation registers or 'tills‘ Store price info on all stocks Written receipts Record the value of Ortyped may be the sale of each used if no cash item and total register is used Calculate the required change to customer Issue a till receipt showing the entire transaction Evidence of payment other than in cash Receipt from customers Main types Other types Cash Standing order Cheque Direct debit Credit or debit card Mail transfer and telegraphic transfer Automated credit services Cash: physical security
Problem How to deal
Forgery Ø Careful Theft examination Ø Cash register security, Safes Ø Protective glass ('bandit screen') Ø Frequent banking Ø Never be sent by Cheques
Definition New related words
A cheque is 'an Dishonored unconditional order in Cheque guarantee writing addressed by cards a person to a bank, signed by the person giving it, requiring the bank to pay on demand a sum certain in money to or to the order of a specified person or Cheque: procedures 1. Ensure details are correct (date, payee, amount) 2. Signature: on the cheque vs. guarantee card 3. Check the details on the cheque guarantee card. 'Expires end' date Amount of the guarantee Name agrees with that on the cheque Other details Cheques: physical security Customers are asked to keep cheque books and cards separate The number of cheques in a book is kept to a minimum. Plastic card Most retail outlets which accept PLASTIC cards now use an electronic system known in the UK as EFTPOS (Electronic Funds Transfer at Point of Sale). CREDIT vs. DEBIT cards Credit cards Credit card payment involves 3 transactions
Debit card vs. Credit card
EFTPOS Electronic Funds Transfer at Point of Sale: makes possible the automatic transfer of funds from a customer's bank account to a retail organization at the point in time when the customer purchases goods (or services) from it. The EFTPOS terminal Other receipts Standing orders and direct Banker’s draft debits Method of Regular payments payment available Standing order can from banks for a only be changed fee by the payer Direct debit can be When a customer changed by the needs a guarantee receiver at will that the payment cannot be dishonoured Discussion Business: electricity company 'I am a domestic customer, and receive a bill from you each quarter. I want to continue to pay quarterly, but I don't want to go the trouble of writing out a cheque or making a special trip (for example to a bank or your office) to pay the bill. However, I do need to know how much the bill is going to be before I am due to pay it. What method of payment would you suggest?‘ 'You can pay by quarterly direct debit. You need to complete a direct debit mandate form which authorises us to debit amounts from your bank account. We will send you a bill in the usual way each quarter, and the amount due will be debited from your account 14 days after the date of the bill, so you'll know how much is to be debited well in advance. If an error is made, either the bank or ourselves must put it right.' Business: mail order company 'I want to place an order with you. I don't
have a bank account, building society
account or a credit card, so I suppose that I'll need to send you the amount due by cash through the post. Is that OK?‘ 'We do not advise you to send cash
through the post, as we cannot accept
responsibility if it is lost. We suggest that you pay by postal order, obtained from your post office. The post office will charge a fee for this service.' Business: DIY retailer 'I want to call in to your store to buy something costing $34 for a friend. I understand that you accept cheques supported by a cheque guarantee card. My friend has made out and signed the cheque and given me her cheque guarantee card. I'd like to bring the cheque and card in when I collect the goods.‘ 'In order to pay by a cheque supported by a banker's card, it is necessary for the person whose signature appears on the card to sign and date the cheque in the presence of the payee – in other words, in our store. This rule is a standard rule of all of the banks. Please therefore ask your friend to call in to make the payment herself, unless you wish to pay by some other means, such as cash.’ Quiz What is the function of a remittance advice? Shows which invoices a payment covers Should cash be sent through the post in 'an emergency'? No. Never! Is it safe to send a cheque through the post? Yes. A cheque can be 'stopped' if it goes astray, and 'traced' if deposited by an unauthorised person. A banker's draft cannot be dishonoured. True or false?