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Section 11Objective 1
Part 2
Methods of Payment
Methods of Payment• Methods of payment exchanges are between– Employers and employees for wages– Sellers and customers for goods and services for
cash or on credit– Creditors and buyers for goods and services for
cash or on credit
Methods of Payment• Payment to employees– This category includes payments for salaries,
wages and other forms of employees compensation
– Salaries are paid monthly, half yearly or yearly– Wages are paid weekly or fortnightly– Employees compensation are paid according to
the policies of the firm.
Methods of Payment
• Types of payments to employees– Payments include• Cash• Cheques• Electronic funds transfer (EFT)
– Direct Deposit
Methods of Payment
• Listen to the video on the next slide to gather information on employee wages and salaries
• You can search the web for other links that may give additional information on methods of payment to employees
• Video Go to: Understanding Employee Compensation - Video & Lesson Transcript ...https://www.study.com/academy/lesson/understanding-employee-compensation.html
Methods of Payment
• Payment for goods and services purchased or sold– This category include payment for or collections for
goods sold and services rendered in a firm– Goods sold and services purchased or rendered can
either be for cash or for credit transactions given to the customer
Methods of Payment• Types of payments for
goods purchased– Payments include
• Direct debit• Cash
• Electronic funds transfer and point of sale (EFTPOS)
• cheque• PayPal
• Standing order
Methods of Payment
• Types of payment for goods and services sold– Payments include
• Cash• Cheques• Direct deposits• Direct debit• PayPal• Standing order• Electronic funds transfer and point of sale (EFTPOS)
Methods of Payment• Payment to suppliers– This category include payments for goods and
services, for daily operating expenses excluding employee compensation, interest and income taxes
– These transactions can either be for cash or for on credit
Methods of Payment• Types of payment to suppliers– Payments include• Cash • Cheques• Electronic fund transfer and point of sale (EFTPOS)
Methods of Payment
New wave of method of payment – No cash
Look at the picture below, it is the new wave method of payment now hitting the streets.Go to:Look ma, no hands! Testing Google's Hands Free paymenthttps://www.youtube.com/watch?v=6tYX1sSlwSw
Methods of Payment
Methods of Payment• Activity• Look at the pictures on the next slides, and match
the appropriate methods of payment for each the following:– Employees– Goods and services– Suppliers
Methods of Payment
Methods of Payment
Methods of Payment
Methods of Payment