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Unit Two

The document outlines the characteristics of payment facilities, including privacy, security, transferability, divisibility, and acceptability, as well as common payment methods such as credit cards, cash, and checks. It emphasizes the importance of documentation in describing and instructing on various processes and attributes, promoting knowledge sharing within teams. Additionally, it categorizes documentation into types like product, process, and sales and marketing documentation.

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15 views2 pages

Unit Two

The document outlines the characteristics of payment facilities, including privacy, security, transferability, divisibility, and acceptability, as well as common payment methods such as credit cards, cash, and checks. It emphasizes the importance of documentation in describing and instructing on various processes and attributes, promoting knowledge sharing within teams. Additionally, it categorizes documentation into types like product, process, and sales and marketing documentation.

Uploaded by

terefekassa15
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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2.1.

Characteristics of payment facility


Payment is the voluntary transfer of money, equivalent, or other valuable items from one person
to another in exchange for goods or services received or to meet a legal obligation. The person
who gives the money is often called the payer, while the person who gets the money is called the
payee.Payment is the exchange of money, goods, or services for goods and services in an
acceptable amount to both parties and has been agreed upon in advance. You can pay with cash,
a check, a wire transfer, a credit card, a debit card, or even crypto currency.

Privacy: It refers to whether the payment model is anonymous or not. It is concerned with
whether a third party can trace back who was involved in payment transaction.

Security: This is concerned with whether the payment method is secured, in particular whether it
is easy to perpetrate different kinds of fraud such as forged payment.

Transferability: This refers to whether a payment can be carried out without the involvement of
a third party such as bank.

Divisibility: This refers to whether a payment can be divided into arbitrary small payments
whose sum is equal to original payment.

Acceptability: This refers to whether the payment method is supported globally, i.e. not by a
closed group only.

Credit
Most people use credit and debit cards to buy things and pay for them. But many businesses that
accept credit cards are charged a fee by both the merchant who provides the machine and
payments infrastructure and their bank. Most of the time, this fee is a fixed rate or a percentage
of the transaction amount.
Cash
Cash is still used in a lot of businesses, including retail. For example, you can still pay cash at
coffee shops and convenience stores.
Checks
A bank cashier's check or a certified check is two types of checks that banks offer to help sellers
get the money that the buyer owes them. Over time, people have used checks less and less
because technology has made it possible to send payments electronically.
2.2. Maintaining documentation
Documentation is any communicable material that is used to describe, explain or instruct
regarding some attributes of an object, system or procedure, such as its parts, assembly,
installation, maintenance and use.Documentation encourages knowledge sharing, which
empowers your team to understand how processes work and what finished projects typically look
like.

2.2.1. Types of documentation

a) Product Documentation
b) Process Documentation
c) Sales and Marketing Documentation
a) Product Documentation

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