Tooltip Tags: payment instruments

payment methods

there are two types of payment methods; exchanging and provisioning. Exchanging is to change coin, money and banknote in terms of the price. Provisioning is

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pay by direct debit

The payer authorize the payee take a direct debit for any amount at any time, or to instruct the bank to honour direct debit requests

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order cheque

A cheque which is paid to a named person with the words ‘or order’ after the payee’s name, showing that he or she can endorse

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note payable

A document stating that a borrower has promised to repay some debt on or by some future date. It is listed as a liability on

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non-sufficient funds [NSF]

A term used in the banking industry to indicate that a demand for payment (a cheque) cannot be honored because insufficient funds are available in

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money order

A financial instrument, issued by a bank or other institution, allowing the individual named on the order to receive a specified amount of cash on

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local currency

A local currency – also know as a complementary or community currency – is tender which is officially separate from the government’s currency. It can

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issue a cheque

To write the information to make a cheque useable: payee name, date, amount in words and numbers, and signature.

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installment contract

An agreement in which payments of money, delivery of goods or performance of services are to be made in a series of payments, deliveries or

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Initial Coin Offering

An unregulated means by which funds are raised for a new cryptocurrency venture. An Initial Coin Offering (ICO) is used by startups to bypass the

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