Payment

"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." - (en.wikipedia.org 01.09.2021)