- The act of paying or the state of being paid.
- An amount paid: received a large payment.
- One's due, reward, or punishment; requital.
payment
Dictionary:
pay·ment (pā'mənt)  |
| 5min Related Video: payment |
| Investment Dictionary: Payment |
The transfer of one form of good, service or financial asset in exchange for another form of good, service or financial asset in proportions that have been previously agreed upon by all parties involved. Payment can be made in the form of funds, assets or services.
Investopedia Says:
Today’s monetary system allows for payments to be made with currency. Currency, which has simplified the means of economic transactions, provides a convenient medium through which payments can be made; it can also be easily stored.
For example, in the past, if an egg farmer with a large surplus of eggs wanted milk, he would need to find a dairy farmer who would be willing to take eggs as payment for milk. In this case, if a suitable dairy farmer weren't found in time, not only would the egg farmer not get his milk, but his eggs would spoil, becoming worthless. Currency, on the other hand, maintains its value over time.
Related Links:
It's a part of everyone's life, and we all want it, but do you know how it gains value and how it is created? What Is Money?
We take a look at how the market was born and has continued to develop throughout history. An Exploration of the Development of the Market
Take a look at the tenets, assumptions and challenges of monetarism's principle theory. What Is the Quantity Theory of Money?
| Business Dictionary: Payment |
Satisfaction of a claim or Debt. Delivery of money in fulfillment of an obligation.
| Thesaurus: payment |
noun
- Something given in exchange for goods or services rendered: compensation, consideration, recompense, remuneration. See pay/owe.
| Dental Dictionary: payment |
n
The performance of a duty or promise; the discharge of a debt or liability by the delivery of money or something else of value.
| Law Encyclopedia: Payment |
This entry contains information applicable to United States law only.
The fulfillment of a promise; the performance of an agreement. A delivery of money, or its equivalent in either specific property or services, by a debtor to a creditor.
| Word Tutor: payment |
IN BRIEF: Something received in exchange for work or goods.
His payment to the store came in the form of a credit card.
| Quotes About: Payment |
Quotes:
"Alas! how deeply painful is all payment!"
- Lord Byron
"Cash-payment is not the sole nexus of man with man."
- Thomas Carlyle
"I can't afford to pay them any other way."
- Andrew Carnegie
"When you overpay small people you frighten them. They know that their merits or activities entitle them to no such sums as they are receiving. As a result their boss soars out of economic into magic significance. He becomes a source of blessings rather than wages. Criticism is sacrilege, doubt is heresy."
- Ben Hecht
"Better see rightly on a pound a week than squint on a million."
- George Bernard Shaw
| Wikipedia: Payment |
 |
This article needs additional citations for verification. Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. (July 2007) |
A payment is the transfer of wealth from one party (such as a person or company) to another. A payment is usually made in exchange for the provision of goods, services or both, or to fulfill a legal obligation.
The simplest and oldest form of payment is barter, the exchange of one good or service for another. In the modern world, common means of payment by an individual include money, check, debit, credit, or bank transfer, and in trade such payments are frequently preceded by an invoice or result in a receipt. However, there are no arbitrary limits on the form a payment can take and thus in complex transactions between businesses, payments may take the form of stock or other more complicated arrangements.
In law, the payer is the party making a payment while the payee is the party receiving the payment.
Contents |
Payment methods
There are two types of payment methods; exchanging and provisioning. Exchanging is to change coin, money and banknote in terms of the price. Provisioning is to transfer money from one account to another. In this method a third party must be involved. Credit card, debit card, money transfers, and recurring cash or ACH(Automated Clearing House) disbursements are all electronic payments methods. Electronic payments technologies are magnetic stripe card, smartcard, contactless card and mobile handset. Mobile handset based payments are called mobile payments.
Parties involved
Payments may be classified by the number of parties involved to consummate a transaction. For example, a credit card transaction in the United States requires a minimum of four parties (the purchaser, the seller, the issuing bank, and the acquiring bank). A cash payment requires a minimum of three parties (the seller, the purchaser, and the issuer of the currency). A barter payment requires a minimum of two parties (the purchaser and the seller).
Payment providers
The infrastructure and electronic clearing methods are formed by the payment provider. Global credit card payment providers are Visa and Mastercard. Japan Credit Bureau (JCB) is a payment provider for Japanese market. Maestro and Cirrus are international debit card payment providers.
Global payments market
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 VISA and MasterCard. Processing payments, including the extending of credit, produced close to $500 billion in revenue.[1]
Debit cards
In the U.S., debit cards 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 percent in 2011[2]
Checks
Historically, checks have been one of the primary means of payment for purchasing goods and services in the U.S. In 2001, checks accounted for 25 percent of the U.S.-based payment mix; in 2006, this is projected at 17 percent. [3]
Determining actual payment for U.S. tax purposes
For tax purposes, it is important to determine the timing of actual payment and whether it qualifies as a deduction in a taxpayer's calculation of taxable income.
Cash payments occur at the time of payment. This is the easy case, but payments in other forms can be trickier. Payment also occurs when the taxpayer transfers property or performs services in lieu of making a cash payment.[4] Payment by check is deemed to occur when the check is delivered, as long as the check is honored on presentation by the payee. This rule is enforced even where presentation does not occur until the next taxable year, and even though the taxpayer could stop payment on the check in the meantime.[5] Postdated checks, however, are not considered payment when delivered.[6] Generally, payment by credit card occurs at the point of the sale and not when the taxpayer is billed by the credit card company or when the taxpayer pays the bill.[7]
See also
 |
Look up payment in Wiktionary, the free dictionary. |
- Accounting
- APACS (The UK Payments Association)
- Business
- Commerce
- Financial transaction
- Money
- Trade
Footnotes
- ^ McKinsey and Company, 2006
- ^ The Nilson Report, Issue 761, April 2002
- ^ The Nilson Report
- ^ See Donaldson, Samuel A., Federal Income Taxation of Individuals: Cases, Problems and Materials, 734 (2nd. Ed. 2007).
- ^ Estate of Spiegel v. Commissioner, 12 T.C. 524 (1949).
- ^ Griffin v. Commissioner, 49 T.C. 253 (1967).
- ^ Revenue Ruling 78-38, 1978-1 C.B. 67.
References
- Accounts Payable Now & Tomorrow newsletter
- Accounts Payable Now & Tomorrow blog
- e-AP News, free weekly ezine from Accounts Payable Now & Tomorrow
- Schaeffer, Mary S.: New Payment World, John Wiley & Sons 2007
- Schaeffer, Mary S.: Controller & CFO Guide to Accounts Payable, John Wiley & Sons 2007
- Schaeffer, Mary S.: Accounts Payable & Sarbanes Oxley, John Wiley & Sons 2006
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
| Translations: Payment |
idioms:
- payment card betalingskort
Nederlands (Dutch)
betaling, vergoeding
Français (French)
n. - (gén) paiement, règlement, remboursement, rémunération, récompense, compensation, financement
idioms:
- payment card carte bancaire
Deutsch (German)
n. - Bezahlung, Zahlung, Belohnung, Abtragung
idioms:
- payment card Zahlkarte
Ελληνική (Greek)
n. - πληρωμή, καταβολή, αποζημίωση, ανταπόδοση
idioms:
- payment card κάρτα πληρωμών
Italiano (Italian)
pagamento, paga, versamento, indennità, saldo
idioms:
- payment card carta di pagamento
Português (Portuguese)
n. - pagamento (m), recompensa (f), punição (f)
idioms:
- payment card cartão de débito
Русский (Russian)
платеж, оплата, возмещение
idioms:
- payment card карточка для платежа со скидкой
Español (Spanish)
n. - pago, desembolso, entrega, ingreso, remuneración, retribución, amortización, cancelación, subvención
idioms:
- payment card tarjeta de pagos
Svenska (Swedish)
n. - betalning, likvid, lön, straff
中文（简体）(Chinese (Simplified))
付款, 偿还, 支付
idioms:
- payment card 付款卡
中文（繁體）(Chinese (Traditional))
n. - 付款, 償還, 支付
idioms:
- payment card 付款卡
日本語 (Japanese)
n. - 支払い, 弁済, 支払い額, 報復, 支払
idioms:
- down payment 頭金
- payment card 支払い用紙
العربيه (Arabic)
(الاسم) دفع النفقات, وفاء, سداد, تسديد, دفعه من المال
עברית (Hebrew)
n. - תשלום, עונש, גמול, שכר
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 | Dictionary. The American Heritage® Dictionary of the English Language, Fourth Edition Copyright © 2007, 2000 by Houghton Mifflin Company. Updated in 2007. Published by Houghton Mifflin Company. All rights reserved. Read more |
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| Investment Dictionary. Copyright ©2000, Investopedia.com - Owned and Operated by Investopedia Inc. All rights reserved. Read more |
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| Business Dictionary. Dictionary of Business Terms. Copyright © 2000 by Barron's Educational Series, Inc. All rights reserved. Read more |
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| Thesaurus. Roget's II: The New Thesaurus, Third Edition by the Editors of the American Heritage® Dictionary Copyright © 1995 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. Read more |
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| Dental Dictionary. Mosby's Dental Dictionary. Copyright © 2004 by Elsevier, Inc. All rights reserved. Read more |
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| Law Encyclopedia. West's Encyclopedia of American Law. Copyright © 1998 by The Gale Group, Inc. All rights reserved. Read more |
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| Word Tutor. Copyright © 2004-present by eSpindle Learning, a 501(c) nonprofit organization. All rights reserved. eSpindle provides personalized spelling and vocabulary tutoring online; free trial. Read more |
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| Wikipedia. This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Payment". Read more |
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| Translations. Copyright © 2007, WizCom Technologies Ltd. All rights reserved. Read more |
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Mentioned in
- Purchase Payment (insurance term)
- partial payment
- consideration
- expenditure
- expense
- payt. (abbreviation)
- pmt. (abbreviation)
- Indemnitor (insurance term)
- Fpm
- Gpm
- P&i
- arrears
- bonus
- default
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