708:
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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
443:
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.
410:
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%.
391:
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.
371:. 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.
250:, 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
170:
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
116:
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
435:
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.
121:
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
615:
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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
383:
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,
70:
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
537:
447:
Payment of most fees to government agencies by cheque, if permitted, usually takes effect after a set number of days for
542:
His
Majesty the King (Appeal No. 76 of 1945) v Dominion Engineering Company Limited (Canada) UKPC 36 (10 October 1946)
455:
645:
See
Donaldson, Samuel A., Federal Income Taxation of Individuals: Cases, Problems and Materials, 734 (2nd. Ed. 2007).
554:
585:
277:
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
305:. A cash payment requires at least three parties: the seller, the purchaser and the issuer of the currency. A
123:
743:
342:
207:. Provisioning involves the transfer of money from one account to another, and involves a third party.
175:"paier", it retained the meaning "appease" but gained the meaning "to pay" (as in paying a debt). The
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251:
220:
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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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236:
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Schaefer, Mary S.: John Wiley & Sons (2007) Controller & CFO Guide to
Accounts Payable
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227:) disbursements are all electronic payments methods. Electronic payment technologies include
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338:
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Progress payments or instalment payments are often used to allow payment in stages for the
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8:
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51:
364:
167:
696:
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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126:, for example, as a late payment fee, or for use of a certain credit card, etc.
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439:, however, are not considered payment when delivered. Generally, payments by
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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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574:, EWHC 214 (Comm), delivered 15 February 2013, accessed 5 January 2024
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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
204:
82:
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Payments can be effected in a number of ways, for example:
46:(such as a person or company) to another in exchange for
62:. The party making the payment is commonly called the
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Cadogan
Petroleum Holdings v Global Process Systems
561:, December/January 2013/14, accessed 5 January 2024
479:(the former name of the UK Payments Administration)
351:also provides an infrastructure for payments using
690:finn. Carmine Bunker, Mary S.:John Wiley and sons.
108:, the exchange of one good or service for another.
570:England and Wales High Court (Commercial Court),
254:, "without prejudice to any accrued rights". The
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345:are international debit card payment providers.
182:
526:The Merriam-Webster New Book of Word Histories
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321:. Global credit card payment providers are
100:the transfer of anything of value, such as
27:Transfer of value from one party to another
639:
627:The Nilson Report, Issue 761, April 2002
187:There are two types of payment methods;
538:Judicial Committee of the Privy Council
145:are made in advance, and in some cases
129:Payments are frequently preceded by an
14:
721:
678:Revenue Ruling 78-38, 1978-1 C.B. 67.
528:. Merriam-Webster Inc., 1991. p. 350.
281:"; this is also called a deposit in
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81:the use of money, whether through
54:provided by them, or to fulfill a
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655:Estate of Spiegel v. Commissioner
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584:Staff Writers (2020-10-22).
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183:Types and methods of payment
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605:McKinsey and Company, 2006
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42:or its equivalent, by one
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544:, accessed 5 January 2024
427:in one year or the next.
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667:Griffin v. Commissioner,
225:Automated Clearing House
430:For U.S. tax purposes,
239:, and mobile payment .
616:"Global Payments 2013"
264:Lord Justice of Appeal
657:, 12 T.C. 524 (1949).
493:Financial transaction
229:magnetic stripe cards
715:at Wikimedia Commons
252:rescind the contract
669:49 T.C. 253 (1967).
60:philanthropy desire
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381:debit cards
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323:Diners Club
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723:Categories
685:References
592:2020-10-22
472:Accounting
458:under the
369:MasterCard
349:Blockchain
335:MasterCard
262:, later a
256:High Court
233:smartcards
213:debit card
189:exchanging
173:Old French
119:compromise
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449:clearance
421:deduction
313:Providers
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162:Etymology
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483:Business
466:See also
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156:receipt
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272:Eder J
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508:Trade
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