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