- The act of paying or the state of being paid.
- An amount paid: received a large payment.
- One's due, reward, or punishment; requital.
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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.
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Take a look at the tenets, assumptions and challenges of monetarism's principle theory. What Is the Quantity Theory of Money?
Satisfaction of a claim or Debt. Delivery of money in fulfillment of an obligation.
noun
The performance of a duty or promise; the discharge of a debt or liability by the delivery of money or something else of value.
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.
His payment to the store came in the form of a credit card.
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
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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.
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).
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]
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]
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]
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
idioms:
Nederlands (Dutch)
betaling, vergoeding
Français (French)
n. - (gén) paiement, règlement, remboursement, rémunération, récompense, compensation, financement
idioms:
Deutsch (German)
n. - Bezahlung, Zahlung, Belohnung, Abtragung
idioms:
Ελληνική (Greek)
n. - πληρωμή, καταβολή, αποζημίωση, ανταπόδοση
idioms:
Italiano (Italian)
pagamento, paga, versamento, indennità, saldo
idioms:
Português (Portuguese)
n. - pagamento (m), recompensa (f), punição (f)
idioms:
Русский (Russian)
платеж, оплата, возмещение
idioms:
Español (Spanish)
n. - pago, desembolso, entrega, ingreso, remuneración, retribución, amortización, cancelación, subvención
idioms:
Svenska (Swedish)
n. - betalning, likvid, lön, straff
中文(简体) (Chinese (Simplified))
付款, 偿还, 支付
idioms:
中文(繁體) (Chinese (Traditional))
n. - 付款, 償還, 支付
idioms:
日本語 (Japanese)
n. - 支払い, 弁済, 支払い額, 報復, 支払
idioms:
العربيه (Arabic)
(الاسم) دفع النفقات, وفاء, سداد, تسديد, دفعه من المال
עברית (Hebrew)
n. - תשלום, עונש, גמול, שכר
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