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payments

A payment is the voluntary tender of money or its equivalent or of things of value by one party (such as a person or company) to another in exchange for goods, or services provided by them, or to fulfill a legal obligation. The party making a payment is commonly called the payer, while the payee is the party receiving the payment.
Payments can be effected in a number of ways, for example:

the use of money, cheque, or debit, credit or bank transfers.
the transfer of anything of value, such as stock, or using barter, the exchange of one good or service for another.In general, the payee is at liberty to determine what method of payment he or she will accept; though normally laws require the payer to accept the country's legal tender up to a prescribed limit. Payment is most commonly effected in the local currency of the payee, unless the parties agree otherwise. Payment in another currency involves an additional foreign exchange transaction. The payee may compromise on a debt, i.e., accept a part payment in full settlement of a debtor's obligation, or may offer a discount, E.G: For payment in cash, or for prompt payment, etc. On the other hand, the payee may impose a surcharge, for example, as a late payment fee, or for use of a certain credit card, etc.
Payments are frequently preceded by an invoice or bill, which follow the supply of goods or services, but in some industries (such as travel and hotels) it is becoming common for pre-payments to be required before the service is performed or provided. In some industries, a deposit may be required before services are performed, which acts as a part pre-payment or as security to the service provider. In some cases, progress payments are made in advance, and in some cases part payments are accepted, which do not extinguish the payer’s legal obligations. The acceptance of a payment by the payee extinguishes a debt or other obligation. A creditor cannot unreasonably refuse to accept a payment, but payment can be refused in some circumstances, for example, on a Sunday or outside banking hours. A payee is usually obligated to acknowledge payment by producing a receipt to the payer. A receipt may be an endorsement on an account as "paid in full". The giving of a guarantee or other security for a debt does not constitute a payment.

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  1. R

    Does anyone accept monthly payments?

    Just wondering if anyone self-employed is offering consumer credit, monthly repayments to customers while you get paid upfront. Would love to hear details if anyone does this.
  2. Ted808

    On the go card payments

    Dodgi custards beware!! Ha I wish!- Seriously tho' is there an update on the type of mobile card payment methods. I can't see much change to the paying a percentage and getting mobile card reader- but my question is does it work? Technically things tend to be more complicated than you think. I...
  3. A

    credit card payments

    I need to start accepting credit card payments, been looking at the paypal handheld device but wanted to hear other peoples experiences any recommendations, or good places i can start my research, ideally i was hoping for something where i can take payments over the phone
  4. jaydebruyne

    Card Reader / Card Payments

    All threads are outdated so I'm rehashing.. I'm thinking of getting the Paypal Here card reader - are they any good? I think their max % on transactions is 2.5. Any recomm for any others? Cheers
  5. jaydebruyne

    Customer & Payments Records

    What do you guys use to keep track of customers and quotes, invoices etc..? I'm looking for something to use that will work on computer, tablet and phone (preferably).
  6. T

    Campus Trades Gateway Plumbing Course.

    Hi, I have begun a Plumbing course with Campus Trades Gateway. This includes practical experience after so many modules are complete throughout the course this course has to be paid over 44 months £150/month Totaling £6600 After that no matter how long it takes the course is paid for interest...
  7. cr0ft

    Taking Card Payments - Cheap!!

    Hi all, For anyone who is considering taking card payments but is put off by the high fees, try Cardcutters. I've been using them now for just over a month. They charge the following fees: - 0.25% + 30p for Debit Cards. 0.9% + 30p (or about that) for Credit Cards. Monthly mobile terminal...
  8. B

    Card Payments

    Anyone used this iZettle? Just had a cheque bounce, that's now gonna knock my payments for this months so can't afford for this to happen again! Thanks in advance
  9. J

    Chasing customer payments

    Guys, I've recently been trying a site that seems to be the wave of the future for those of us in the trades. This is easy to use and does so much - including the ability to receive card payments without a reader or monthly fees. Has anyone heard of Direct Trades - directtrades.net It's dirt...
  10. J

    payments

    hi guys general question how long do you give customers to pay bills most of mine pay on completion
  11. T

    ASHP + Albion Ultrasteel

    Hi, Does anyone know if a ASHP will work ok with an Albion Ultrasteel? I see a lot of the manufacturers of ASHP's have there own cylinder, wasnt sure if they were a necessity or just something else they are selling?
  12. D

    card payments

    anybody using sumup for card payments looks a good idea you don't need a card reader just use your phone and only 1.95%
  13. G

    Payments

    Seems to support what a lot of us complain about
  14. H

    Hassle free payments

    Looking forward to taking payment with my new card machine...less messing about chasing.
  15. M

    Boiler Fuels?

    Hi everyone, Brand new to forum from South Glos. Our small close of 10 bungalows has no gas main. LPG too expensive, solid fuel not convenient. We have no c.heating at all at the moment, except portable El. storage heaters. Have fitted a couple of complete radiator systems over last few years...
  16. H

    Card payments

    I know there is a sponsor on here for card machines.....but I was wondering how many people have them?
  17. H

    Payments

    Seem to be having trouble chasing people lately. Did work for a builder all happy with work, sent him invoice for £1850( he was buying materials i just supplied £50 worth) he paid £1500 into my account and when I asked him why he said he had to take CIS deductions out. He hasn't got my UTR or...
  18. SimonG

    Card Payments.

    Any news on the new card sponsor that was mentioned previously?
  19. M

    advice on accepting card payments please

    Hi All, Thinking of going out on my own. Been full time subbing for company and its doin my head in. One thing I noticed though is that nearly all these customers pay by card so I think in this day and age I need to be able to acept them to build a decent client base. Whats the deal with...
  20. B

    card payments

    was looking into card machines but dont think the average £25 p month for the unit would be cost effective for me .
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