Standing order and bank draft - SS3 Commerce Past Questions and Answers - page 1
1
What is a standing order?
A
A secure payment method issued by a bank
B
An instruction for regular fixed payments
C
A form of payment drawn on an individual's personal account
2
When is a standing order commonly used?
A
For one-time payments
B
For high-value purchases
C
For recurring payments
3
How do standing orders work?
Once set up, the bank automatically transfers the specified amount on the designated date without the account holder having to initiate the transaction every time. Standing orders provide a convenient and hassle-free way to make regular payments while ensuring they are made on time.
4
What is a bank draft?
A
An instruction for regular fixed payments
B
A secure payment method issued by a bank
C
A form of payment drawn on an individual's personal account