Payment
(Redirected from Payor)
Payment is the transfer of money or goods from one party to another in exchange for goods or services. A payment is usually made in the form of currency, such as paper money, electronic funds transfer, or other forms of digital currency. Payments can be made in various ways, including cash, credit card, debit card, or electronic funds transfer.
History[edit | edit source]
The concept of payment has been in existence since the dawn of civilization. In ancient times, people used barter systems to exchange goods and services. With the advent of currency, the process of payment became more streamlined and efficient.
Types of Payments[edit | edit source]
There are several types of payments, each with its own set of advantages and disadvantages. Some of the most common types of payments include:
- Cash Payment: This is the most traditional form of payment, where physical currency is exchanged for goods or services.
- Credit Card Payment: This type of payment involves the use of a credit card to transfer funds from the cardholder's account to the merchant's account.
- Debit Card Payment: Similar to credit card payments, debit card payments involve the transfer of funds from the cardholder's bank account to the merchant's account.
- Electronic Funds Transfer: This type of payment involves the transfer of funds from one bank account to another through electronic means.
- Digital Currency Payment: This type of payment involves the use of digital currencies, such as Bitcoin, to pay for goods or services.
Payment Systems[edit | edit source]
A payment system is a system used to settle financial transactions through the transfer of monetary value. This includes institutions, instruments, people, rules, procedures, standards, and technologies that make such an exchange possible. A common type of payment system is the operational network that links bank accounts and provides for monetary exchange using bank deposits.
See Also[edit | edit source]
References[edit | edit source]
| Payment Resources | |
|---|---|
|
 |
Search WikiMD
Ad.Tired of being Overweight? Try W8MD's physician weight loss program.
Semaglutide (Ozempic / Wegovy and Tirzepatide (Mounjaro / Zepbound) available.
Advertise on WikiMD
|
WikiMD's Wellness Encyclopedia |
| Let Food Be Thy Medicine Medicine Thy Food - Hippocrates |
Translate this page: - East Asian
中文,
日本,
한국어,
South Asian
हिन्दी,
தமிழ்,
తెలుగు,
Urdu,
ಕನ್ನಡ,
Southeast Asian
Indonesian,
Vietnamese,
Thai,
မြန်မာဘာသာ,
বাংলা
European
español,
Deutsch,
français,
Greek,
português do Brasil,
polski,
română,
русский,
Nederlands,
norsk,
svenska,
suomi,
Italian
Middle Eastern & African
عربى,
Turkish,
Persian,
Hebrew,
Afrikaans,
isiZulu,
Kiswahili,
Other
Bulgarian,
Hungarian,
Czech,
Swedish,
മലയാളം,
मराठी,
ਪੰਜਾਬੀ,
ગુજરાતી,
Portuguese,
Ukrainian
Medical Disclaimer: WikiMD is not a substitute for professional medical advice. The information on WikiMD is provided as an information resource only, may be incorrect, outdated or misleading, and is not to be used or relied on for any diagnostic or treatment purposes. Please consult your health care provider before making any healthcare decisions or for guidance about a specific medical condition. WikiMD expressly disclaims responsibility, and shall have no liability, for any damages, loss, injury, or liability whatsoever suffered as a result of your reliance on the information contained in this site. By visiting this site you agree to the foregoing terms and conditions, which may from time to time be changed or supplemented by WikiMD. If you do not agree to the foregoing terms and conditions, you should not enter or use this site. See full disclaimer.
Credits:Most images are courtesy of Wikimedia commons, and templates Wikipedia, licensed under CC BY SA or similar.
Contributors: Prab R. Tumpati, MD
