Knowledge

Payment

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payments generally are taken to occur at the time of payment. Payment may also occur when a person transfers property or performs a service to the payee in satisfaction of an obligation. A payment by cheque is normally deemed to occur when the cheque is delivered, as long as the cheque is honoured on
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take effect at the point of the sale and not when a payer is billed by the credit card company or when the payer pays the credit card company's bill. A business that reports on an accrual basis, would report income in the year of sale though payment may be received in a subsequent year.
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have been one of the primary means of payment for purchasing goods and services, though its share in the payment mix is falling worldwide. In 2001, in the United States, cheques accounted for 25% of the U.S.-based payment mix; and in 2006, this was projected to fall to 17%.
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There is a fast growth of mobile payments around the world. Google Pay, Apple Pay and Samsung Pay are the three main choices for mobile payments, while some banks also allow NFC Payments. In some countries, mobile wallets have become a dominant way of mobile payments.
360:. Processing payments, including the extending of credit, produced close to $ 500 billion in revenue. In 2012, roughly $ 377 trillion passed through noncash payment systems. This led to total account and transaction revenues of nearly $ 524 billion. 239:, where the latter would pay in instalments for the acquisition of two gas plants. Their contract stated that ownership would not pass until the payments were complete and that any failure to pay an instalment would allow Cadogan to 159:
word "pay" in "payment" comes from the Latin "pacare" (to pacify), from "pax", meaning "peace". In the Middle Ages, the term began to be used more broadly, to mean "to pacify one's creditors". As the Latin word was made part of
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up to a prescribed limit. Payment is most commonly affected in the local currency of the payee unless the parties agree otherwise. Payment in another currency involves an additional transaction for the conversion. The payee may
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cannot unreasonably refuse to accept a payment, but payment can be refused in some circumstances, for example, on a Sunday or outside banking hours. A payee is usually obligated to acknowledge payment by producing a
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the presentation by the payee. This rule also generally applies where the cheque is not presented to the bank until the next taxable year, even though the payer could stop payment on the cheque, in the meantime.
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on a debt, i.e., accept part payment in full settlement of a debtor's obligation, or may offer a discount, E.G: For payment in cash, or for prompt payment, etc. On the other hand, the payee may impose a
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In 2005, an estimated $ 40 trillion globally passed through some type of payment system. Roughly $ 12 trillion of that was transacted through various credit cards, mostly the 21,000 member banks of
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or until the cheque is actually cleared. Payments by credit card, if permitted, and cash payments take immediate effect. Normally, no other forms of payment are permitted or accepted.
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ruled that the wording allowed Cadogan to retain the instalments which had been paid even though they did not acquire the assets in exchange. The court referred to a text written by
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are the fastest growing payment technology. In 2001, debit cards accounted for 9 percent of all purchase transactions, and this is expected to double to 18.82 per cent in 2011.
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to the payer. A receipt may be an endorsement on an account as "paid in full". The giving of a guarantee or other security for a debt does not constitute a payment.
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The timing of payment has legal implications in some situations. For tax purposes, for example, the timing of payment may determine whether it qualifies as a
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are accepted, which do not extinguish the payer's legal obligations. The acceptance of a payment by the payee extinguishes a debt or other obligation. A
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In general, payees are at liberty to determine what method of payment they will accept; though normally laws require the payer to accept the country's
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may be required before services are performed, which acts as a part pre-payment or as security to the service provider. In some cases,
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is the party receiving the payment. Whilst payments are often made voluntarily, some payments are compulsory, such as payment of a
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or bill, which follows the supply of goods or services, but in some industries (such as travel and hotels) it is not uncommon for
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Payment of most fees to government agencies by cheque, if permitted, usually takes effect after a set number of days for
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His Majesty the King (Appeal No. 76 of 1945) v Dominion Engineering Company Limited (Canada) UKPC 36 (10 October 1946)
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See Donaldson, Samuel A., Federal Income Taxation of Individuals: Cases, Problems and Materials, 734 (2nd. Ed. 2007).
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An initial up-front partial payment for the purchase of an expensive items or service is often referred to as a "
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Commercial late payments and consequent interest entitlements are regulated in some countries, for example in
294:. A cash payment requires at least three parties: the seller, the purchaser and the issuer of the currency. A 112: 732: 331: 196:. Provisioning involves the transfer of money from one account to another, and involves a third party. 164:"paier", it retained the meaning "appease" but gained the meaning "to pay" (as in paying a debt). The 701: 240: 209: 257:
Discharge For Breach: The Position of Instalments, Deposits and other Payments due before Completion
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described as a "most valuable analysis" of the correct contractual construction of such payments.
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Schaefer, Mary S.: John Wiley & Sons (2007) Controller & CFO Guide to Accounts Payable
481: 244: 216:) disbursements are all electronic payments methods. Electronic payment technologies include 177: 327: 231:
Progress payments or instalment payments are often used to allow payment in stages for the
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Schaeffer, Mary S.: John Wiley & Sons (2006) Accounts Payable & Sarbanes Oxley
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and potentially better security, fewer intermediaries, and lower transaction costs.
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of buildings or other assets. Instalment payments were planned for in the case of
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to be required before the service is performed or provided. In some industries, a
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transaction usually involves four parties: the purchaser, the seller, the
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payment requires a minimum of two parties: the purchaser and the seller.
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word "payen", which came from the French, was also used in both ways.
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The infrastructure and electronic clearing methods are formed by the
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A payment may involve more than two parties. For example, a
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Cadogan Petroleum Holdings Ltd v Global Process Systems LLC
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Payments can be effected in a number of ways, for example:
35:(such as a person or company) to another in exchange for 51:. The party making the payment is commonly called the 561:
Cadogan Petroleum Holdings v Global Process Systems
550:, December/January 2013/14, accessed 5 January 2024 468:(the former name of the UK Payments Administration) 340:also provides an infrastructure for payments using 679:finn. Carmine Bunker, Mary S.:John Wiley and sons. 97:, the exchange of one good or service for another. 559:England and Wales High Court (Commercial Court), 243:, "without prejudice to any accrued rights". The 709: 334:are international debit card payment providers. 171: 515:The Merriam-Webster New Book of Word Histories 572: 310:. Global credit card payment providers are 89:the transfer of anything of value, such as 16:Transfer of value from one party to another 628: 616:The Nilson Report, Issue 761, April 2002 176:There are two types of payment methods; 527:Judicial Committee of the Privy Council 134:are made in advance, and in some cases 118:Payments are frequently preceded by an 710: 667:Revenue Ruling 78-38, 1978-1 C.B. 67. 517:. Merriam-Webster Inc., 1991. p. 350. 270:"; this is also called a deposit in 445:Member States of the European Union 277: 13: 375: 70:the use of money, whether through 43:provided by them, or to fulfill a 14: 744: 689: 644:Estate of Spiegel v. Commissioner 544:Playing fair with penalty clauses 184:. Exchanging involves the use of 695: 347: 661: 649: 637: 412:in a taxpayer's calculation of 619: 610: 597: 588: 566: 553: 536: 520: 508: 363: 23:is the tender of something of 1: 673: 451:directives of 2000 and 2011. 212:, and recurring cash or ACH ( 573:Staff Writers (2020-10-22). 542:Stewart, H. and Clarke, A., 502: 301: 172:Types and methods of payment 150: 7: 454: 10: 749: 594:McKinsey and Company, 2006 388: 384: 31:or its equivalent, by one 603:Boston Consulting Group, 533:, accessed 5 January 2024 416:in one year or the next. 403: 656:Griffin v. Commissioner, 214:Automated Clearing House 419:For U.S. tax purposes, 228:, and mobile payment . 605:"Global Payments 2013" 253:Lord Justice of Appeal 646:, 12 T.C. 524 (1949). 482:Financial transaction 218:magnetic stripe cards 704:at Wikimedia Commons 241:rescind the contract 658:49 T.C. 253 (1967). 49:philanthropy desire 733:Legal terminology 700:Media related to 625:The Nilson Report 492:Money transmitter 426:Postdated cheques 226:contactless cards 132:progress payments 740: 699: 668: 665: 659: 653: 647: 641: 635: 632: 626: 623: 617: 614: 608: 607:, September 2013 601: 595: 592: 586: 585: 583: 582: 570: 564: 557: 551: 540: 534: 524: 518: 512: 342:digital currency 320:American Express 308:payment provider 278:Parties involved 45:legal obligation 748: 747: 743: 742: 741: 739: 738: 737: 708: 707: 692: 676: 671: 666: 662: 654: 650: 642: 638: 633: 629: 624: 620: 615: 611: 602: 598: 593: 589: 580: 578: 571: 567: 558: 554: 548:In-House Lawyer 541: 537: 525: 521: 513: 509: 505: 457: 406: 393: 391:Cheque clearing 387: 378: 376:Mobile payments 366: 350: 304: 280: 272:British English 210:money transfers 174: 153: 17: 12: 11: 5: 746: 736: 735: 730: 725: 723:Business terms 720: 706: 705: 691: 690:External links 688: 687: 686: 683: 680: 675: 672: 670: 669: 660: 648: 636: 627: 618: 609: 596: 587: 565: 552: 535: 519: 506: 504: 501: 500: 499: 494: 489: 484: 479: 474: 469: 463: 456: 453: 414:taxable income 405: 402: 395:Historically, 389:Main article: 386: 383: 377: 374: 365: 362: 349: 346: 303: 300: 292:acquiring bank 279: 276: 173: 170: 166:Middle English 152: 149: 99: 98: 87: 84:bank transfers 80:mobile payment 15: 9: 6: 4: 3: 2: 745: 734: 731: 729: 728:Financial law 726: 724: 721: 719: 716: 715: 713: 703: 698: 694: 693: 684: 681: 678: 677: 664: 657: 652: 645: 640: 631: 622: 613: 606: 600: 591: 576: 569: 562: 556: 549: 545: 539: 532: 528: 523: 516: 511: 507: 498: 495: 493: 490: 488: 485: 483: 480: 478: 475: 473: 470: 467: 464: 462: 459: 458: 452: 450: 446: 441: 439: 434: 431: 427: 422: 417: 415: 411: 401: 398: 392: 382: 373: 371: 368:In the U.S., 361: 359: 355: 348:Global market 345: 343: 339: 335: 333: 329: 325: 321: 317: 313: 309: 299: 297: 293: 289: 285: 284:pre-paid card 275: 273: 269: 264: 262: 258: 254: 250: 246: 242: 238: 234: 229: 227: 223: 219: 215: 211: 207: 203: 199: 195: 191: 188:, comprising 187: 183: 179: 169: 167: 163: 158: 148: 146: 141: 137: 136:part payments 133: 129: 125: 121: 116: 114: 109: 104: 96: 92: 88: 85: 81: 77: 73: 69: 68: 67: 64: 62: 58: 54: 50: 46: 42: 38: 34: 30: 26: 22: 663: 655: 651: 643: 639: 630: 621: 612: 599: 590: 579:. Retrieved 568: 555: 547: 538: 522: 514: 510: 449:Late Payment 442: 435: 418: 407: 394: 379: 367: 351: 336: 305: 288:issuing bank 281: 268:down payment 265: 256: 249:Jack Beatson 236: 233:construction 230: 182:provisioning 175: 154: 135: 131: 127: 124:pre-payments 123: 117: 103:legal tender 100: 65: 56: 55:, while the 52: 20: 18: 577:. Crypto.co 430:credit card 370:debit cards 364:Debit cards 312:Diners Club 198:Credit card 93:, or using 712:Categories 674:References 581:2020-10-22 461:Accounting 447:under the 358:MasterCard 338:Blockchain 324:MasterCard 251:, later a 245:High Court 222:smartcards 202:debit card 178:exchanging 162:Old French 108:compromise 27:, such as 503:Footnotes 438:clearance 410:deduction 302:Providers 190:banknotes 151:Etymology 113:surcharge 718:Payments 702:Payments 477:Commerce 472:Business 455:See also 290:and the 259:, which 140:creditor 41:services 397:cheques 385:Cheques 328:Maestro 145:receipt 128:deposit 120:invoice 21:payment 404:Timing 332:Cirrus 296:barter 261:Eder J 206:cheque 95:barter 76:cheque 497:Trade 487:Money 466:APACS 255:, on 194:coins 186:money 91:stock 57:payee 53:payer 37:goods 33:party 29:money 25:value 421:cash 356:and 354:Visa 330:and 322:and 316:Visa 192:and 180:and 157:root 155:The 72:cash 61:fine 82:or 47:or 39:or 714:: 546:, 529:, 326:. 318:, 314:, 274:. 224:, 220:, 208:, 204:, 200:, 78:, 74:, 63:. 19:A 584:. 86:.

Index

value
money
party
goods
services
legal obligation
philanthropy desire
fine
cash
cheque
mobile payment
bank transfers
stock
barter
legal tender
compromise
surcharge
invoice
creditor
receipt
root
Old French
Middle English
exchanging
provisioning
money
banknotes
coins
Credit card
debit card

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