What are Payments? Payments and Payment systems

What are payments?

Payments are big major part of our lives. We pay for things we want and need.

We are all different and why we make payments are different, but the definition of payments remain the same.

Hence:- Payments transfer value from one party to another in exchange for goods or services.

Balance of Payments Categories

Payments are used for multiple purposes and fall into three main categories:-

  • Person-to-person (P2P) - Person-to-person payments are account-to-account transfers made by individuals domestically and internationally.

  • Person-to-business (P2B) - Person-to-business payments are account-to-business account transfers by individuals to business.

    Typically P2B payments are payments, such as point of sale (POS), eCommerce and online bill payments and installment payments to business.

  • Business-to-business (B2B) - Business-to-business payments are payments from buyers to suppliers that include but are not limited to bank-to-bank payments, securities purchases and foreign exchange purchases rates.

Faster Google payments

Some people lose their job or being made redundancy and receives redundancy payments which they can starts their own business and could use search engine giant Google's checkout for faster payments of your goods sold.

Either way, you can get direct payments or realex payments into bank accounts. If the payments on account you've made are higher than your tax bill, HM Revenue and Customs (HMRC) will refund you the difference.

Payments on account are normally required from any taxpayer who is assessed to income tax, in any amount, for the preceding tax year. This means you're contributing into the payments industry.

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