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A payment is the voluntary offering of money or its equivalent, or other valuables, by one party to another in return for products or services, or to satisfy a legal duty. The payer is the one who makes the payment, whereas the payee is the person who receives it.

the exchange of one commodity or service for another through barter, or the transfer of anything of value, such as stock.
In general, the payee has the freedom to choose the mode of payment that he or she prefers, while most regulations compel the payer to accept the country’s legal cash up to a certain amount. Unless the parties agree differently, payment is usually made in the payee’s native currency.

Payment in a different currency necessitates a separate foreign exchange transaction. The payee may accept a partial payment in full satisfaction of a debtor’s obligation, or grant a discount, such as for cash payment or fast payment, and so on. The payee, on the other hand, may levy a surcharge, such as a late payment fee or a cost for using a certain credit card.

Payments are typically accompanied by an invoice or bill, which is issued after the delivery of goods or services, however in some areas (such as travel and hotels), pre-payments are becoming more widespread. Before services are rendered in some businesses, a deposit may be needed as part of the prepayment or as security to the service provider.

Progress payments are paid in advance in certain circumstances, and portion payments are allowed in others, but this does not relieve the payer of his or her legal duties. The payee’s acceptance of a payment discharges a debt or other obligation. A creditor cannot refuse to accept a payment without cause, however it can be denied in certain situations, such as on a Sunday or outside of banking hours.

A payee is normally required to confirm payment by giving the payer a receipt. A receipt might be a “paid in full” endorsement on an account. Giving a guarantee or other kind of security for a debt is not the same as making a payment.

The word “pay” derives from the Latin “pacare” (to soothe), which comes from the word “pax,” which means “peace.” The phrase started to be used more extensively in the Middle Ages, to signify “to appease one’s creditors.” The Latin term “appease” was kept when it was incorporated into Old French “paier,” but it received the meaning “to pay” (as in paying a debt). The French-derived Middle English term “payen” was also used in both ways.

Exchanging and providing are the two sorts of payment mechanisms. Money, in the form of banknotes and coins, is used in exchange. Provisioning is the process of moving money from one account to another with the help of a third party. Electronic payments include credit cards, debit cards, checks, money transfers, and recurring cash or ACH (Automated Clearing House) disbursements. Magnetic stripe cards, smartcards, contactless cards, and mobile payments are all examples of electronic payment technology.

There may be more than two persons involved in a payment. A pre-paid card transaction, for example, often involves four parties: the buyer, seller, issuing bank, and acquiring bank. A cash transaction needs at least three parties: the seller, the buyer, and the currency issuer. A barter payment necessitates the participation of at least two parties: the buyer and the seller.

The payment provider creates the infrastructure and electronic clearance procedures. Diners Club, Visa, American Express, and MasterCard are the four major credit card companies in the world. International debit card payment services are provided by Maestro and Cirrus.

Blockchain also provides a platform for digital currency payments, with the potential for increased security, fewer middlemen, and cheaper transaction costs.

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