Business Context Part 8

-

Banking Payments

Credit Card: Credit cards work like mini loans you have a spending cap on a credit card. You must pay back everything you paid for using it by the end of the month otherwise you will accumulate debt. You accumulate debt when you don't pay back what you owe and the bank adds a percentage of the money you owe back on to the total amount, so you now owe the bank more money.

Debt Card: Debt Cards are not like credit cards, instead of having a spending cap, you instead put your own money directly into your account, which you can then spend online

Cash by mail: Very self-explanatory you send the amount that is owed in the mail

Any payment made with vendor using Debt cards or credit cards, means the vendor will have to pay a fee to the credit or debt card provider. This is mostly likely Visa or Mastercard.

Direct Debit: Mostly used for subscriptions as this is a form of recurring payment. As well as payment for rent 

Direct Bank Transfer: This is where you manually type up someone's sort code and account number to send money directly to them, this is mainly done through banking apps

To implement a Debt or Credit Card payment system you need a card reader, which needs to be bought or delivered to a vendor, this can take time and cost a vendor money as they will only be able to accept physical currency until it arrives.

Contactless payments: Contactless is a technology that uses NFC or near field communication to pay for a product, you can have a contactless chip on your card or you can use your phone to pay if you want to.

Crypto Currencies

Crypto Currencies are decentralized forms of payment used mainly online. There value is determined entirely be the market, this means the price can fluctuate rapidly. The decentralized nature means that the vendor pays no fees when doing transactions

Implementing Crypto Currencies into an ecommerce platform is relatively easy as all you need to receive funds is a crypto wallet to store your funds.

Computer Legislation

Computer misuse act 1990

An act to make provision for securing computer material against unauthorized access or modification, and for connected purposes 

Electronic Communications Act 2000

An act to make provision to facilitate the use of electronic communications and electronic data storage; to make provision about the modification of licenses granted under section 7 of the Telecommunications Act 1984; and for connected purposes 

Comments

Post a Comment

Popular posts from this blog

Principles of Project Planning

-
Project Aim and Objectives & Scope Activity Sheet   Project Name: Gloscol VR Project   Date: 28.2.2025     1. Defining the Project Aim   The project aim outlines the broad goal or purpose of the project. It should capture the overall vision and answer the question, “What is the main purpose of this project?”   Questions to Consider     What is the overall goal of this project?     To create a virtual tour of the college that can be viewed on VR as well as a desktop or phone.       What problem is this project solving or what opportunity is it creating?     We need to mak e it easier for people to see the college through a VR lens specifically those who cannot entire the college. Or can’t attend open evenings       Who will benefit from this project (stakeholders, customers, team members)?     The main stakeholders of the project are the potential students coming to the college w...
Read more
-
Global RTS The trip was in the morning on the 28th March 2025, Will and Patrick organised it. The purpose of the trip was to gain experience in the aviation industry, specifically air traffic control, using a simulator. We were shown how there simulators work and we were shown how to use them as well as being able to communicate using the aviation alphabet. We met people who worked there, learning how to become an air traffic controller. We used there main sim that used 4 big TVs to show a graphically simulated view of a run way from the view of a tower. We also communicated with headsets to simulate how real air traffic controllers communicate to pilots.
Read more