Title: Describe the various types of payment that a business may receive or use.
Course: Principles of Business and Marketing (12051-36) > Section: Making Sound Business Decisions

Description should include discussing the advantages and disadvantages of

- debit cards
- credit cards
- prepaid cards
- bank transfer, automated clearing house (ACH), and direct debit
- phone and mobile payments
- checks
- money orders
- cash payments
- online payment systems.

Process/Skill Questions:

- Why is it important for a business to protect its credit rating?
- What can happen if a business fails to repay a loan?
- Why do some businesses think that credit is the same as having money in the bank?
- Why is a credit card required to guarantee a reservation?
- Why do some businesses accept credit only?
- What types of purchases might be made through an online payments system? With mobile payments? Through an ACH?