Payment

A payment is the tender of something of value, such as money or its equivalent, by one party to another in exchange for goods or services provided by them, or to fulfill a legal obligation or philanthropy desire. The party making the payment is commonly called the payer, while the payee is the party receiving the payment. Whilst payments are often made voluntarily, some payments are compulsory, such as payment of a fine.

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Source: Wikipedia · Image: Wikimedia Commons · Public domain

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Payments, explained — digital wallets, gateways and merchant tech, plus handy everyday calculators.

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