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payment
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250px|thumb|Payment with a bank card in a store in [[Taiwan]] A payment is the tender of something of value, such as money or its equivalent, by one party (such as a person or company) to another in exchange for goods or services provided by them, or to fulfill a legal obligation or philanthropy desire. The party making the payment is commonly called the payer, while the payee is the party receiving the payment. Whilst payments are often made voluntarily, some payments are compulsory, such as payment of a fine.
A payment is when one person or organization gives something of value—usually money—to another person or organization in exchange for goods, services, or to meet a legal obligation. Payments matter because they're the fundamental way people and businesses exchange value, settle debts, and keep the economy functioning.
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~9 min read
Article
13 sectionsContents
- Etymology
- Types and methods of payment
- Parties involved
- Providers
- Global market
- Debit cards
- Mobile payments
- Cheques
- Timing
- See also
- Footnotes
- References
- External links
250px|thumb|Payment with a bank card in a store in [[Taiwan]] A payment is the tender of something of value, such as money or its equivalent, by one party (such as a person or company) to another in exchange for goods or services provided by them, or to fulfill a legal obligation or philanthropy desire. The party making the payment is commonly called the payer, while the payee is the party receiving the payment. Whilst payments are often made voluntarily, some payments are compulsory, such as payment of a fine.
Payments can be effected in a number of ways, for example: the use of money, whether through cash, cheque, mobile payment or bank transfers. the transfer of anything of value, such as stock, or using barter, the exchange of one good or service for another.