Payment
3648961
221289391
2008-06-23T21:41:27Z
Thijs!bot
1392310
robot Removing: [[gl:Pago]], [[it:Pago]]
{{Mergeto|Financial transaction|date=September 2007}}
{{Refimprove|date=July 2007}}
A '''payment''' is the transfer of wealth from one [[Party (law)|party]] (such as a person or company) to another. A payment is usually made in exchange for the provision of [[good (accounting)|goods]], [[Service (economics)|service]]s, 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 (disambiguation)|check]], [[Direct debit|debit]], [[Credit (finance)|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.
== 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 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 (credit card)|VISA]] and [[MasterCard]]. Processing payments, including the extending of credit, produced close to $500 billion in revenue.<ref>McKinsey and Company, 2006</ref>
===Debit cards===
In the U.S., [[debit card]]s 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<ref>The Nilson Report, Issue 761, April 2002</ref>
===Checks===
Historically, [[Cheque|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. <ref>The Nilson Report</ref>
== 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.<ref name="donaldson">See Donaldson, Samuel A., Federal Income Taxation of Individuals: Cases, Problems and Materials, 734 (2nd. Ed. 2007).</ref> Payment by [[check]] is deemed to occur when the check is delivered, as long as the check is honored on presentation by the payee.<ref name="donaldson"> 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.<ref>Estate of Spiegel v. Commissioner, 12 T.C. 524 (1949).</ref> [[Postdated check]]s, however, are not considered payment when delivered.<ref>Griffin v. Commissioner, 49 T.C. 253 (1967).</ref> 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.<ref>Revenue Ruling 78-38, 1978-1 C.B. 67.</ref>
== See also ==
{{Wiktionary}}
* [[APACS]] (The UK Payments Association)
* [[Trade]]
* [[Financial transaction]]
* [[Money]]
* [[Accounting]]
* [[Commerce]]
* [[Business]]
== Footnotes==
{{reflist}}
== References ==
* Schaeffer, Mary S.: New Payment World, John Wiley & Sons 2007<br />
* Schaeffer, Mary S.: Controller & CFO Guide to Accounts Payable, John Wiley & Sons 2007
* Schaeffer, Mary S.: Accounts Payable & Sarbanes Oxley, John Wiley & Sons 2006<br />
* Accounts Payable Now & Tomorrow newsletter [http://www.ap-now.com]
* e-AP News, free weekly ezine from Accounts Payable Now & Tomorrow [http://www.ap-now.com/ezinesignup.html]
* Accounts Payable Now & Tomorrow blog [http://ap-now.com/blog/]<br />
[[Category:Commerce]]
[[Category:Business terms]]
[[Category:Economics terminology]]
[[Category:Money]]
[[ar:دفعة]]
[[de:Zahlung]]
[[es:Pago]]
[[no:Betaling]]
[[simple:Payment]]
[[sv:Betalning]]