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Payments

By K. Romeo — August 22, 2025

Payments

 

A payment is the transfer of money from one party (such as a company, person, vendor, supplier etc) to another (such as a company, person, vendor, supplier etc). Payments are usually made in exchange against provision of goods or services, in order to fulfill a legal obligation.

 

Payment methods are of two types

 

- Exchanging, i.e, changing coins, money or banknotes in terms of the price of goods or service

- Provisioning, i.e, the transfer of money from one account to another

 

 

 

 

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