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is defined as "the partial or complete discharge of

an obligation by its settlement in the form of the transfer

of funds, assets, or services equal to the monetary value

of part or all of the debtor's obligation". is an

act of giving a sum of money after getting the work done.

In other words money is given for carrying out what has

been promised. You get a salary as a payment for your work

for a period of a month, a day or fortnight. Whenever you

purchase something or dine out in restaurants, don't you

pay the retailer or the restaurateur finally to end the

deal. This called payment as you pay for the services

availed. From barter system in early period to this modern

age payment has been the basis of any transaction or

business dealing. Nowdays, money is widely being used for

making payments and accounting for debts and credits.



is simply the fulfillment of a promise. Although

this is the normal understanding of the word, payment

also means all the ways in which a creditor is satisfied

and the debtor is made free. An example would be, suppose

a person owes you money and you have kept a valuable item

of his as colateral. With the passing of time you want to

own a piece of land as a payment. When that is finished

the first obligation of that person is finished.



It's not always that the payment is done in one go.

Sometimes the amount is paid in parts or installments. Like

the payments done to the lender periodically in order to

repay the loan. It covers interest repayment, premiums and

principal amount. In other loans, like short-term and fixed

rate loans initially a small payment is done for a fixed

period of time and then the remaining amount is paid at a

specified time.



s are made in cash, through checks, debit cards and

credit cards. In today's modern world many people use the

Internet to carry out their monetary transactions online.

This has given a charge to the e-commerce industry. Credit

cards have aided a lot in purchases made online. People

were already used to using credit cards. Now they are able

to buy and sell from the home itself, more and more people

prefer e-commerce transactions. Credit cards are a good

mode of payment but the problems of credit card fraud is

still a problem not solved.



Other methods of payment that are more secure and cost less

have also been invented such as paypal. To avoid any

complications or legal troubles one should always make their

payments on time and never buy somthing they cannot pay for.



Tratao Pagmeno is the administrator of Z , your source

for all of your payment advice. Start your repayments at:

http://www.zpayment.com