Concept in Definition ABC

Delivery of money in exchange for: the provision of a service, payment of a product or cancellation of a debt

The term payment has several uses, one of the most recurrent is that it is the delivery of money or species that is owed after the provision of a service; The word also allows to refer to a prize or reward that was obtained or will be obtained.

In the first sense mentioned, payment would be one of the most known and popular ways in the world to extinguish obligations and that consists of the compliance specific provision, either through the delivery of a sum of money or something that represents the value of the provision given.

In the first instance, the payment must be made by the debtor, although it may also be in charge of a third party, this will pay on behalf of the debtor or with the knowledge and authorization of this.
Meanwhile, the payment will be made to the creditor or whoever legally represents him.

The concept of payment is also used to refer to the action of disbursing a certain amount of money before the purchase,

acquisition of a good or service. The goods and services are offered in the market with a value, a specific price, which must be paid if you want to buy the product or service in question.

So, a payment may involve: the employer gives his employee money as salary; the owner of a property delivers it to the comparator after he pays the agreed price; a client pay $ 50 for the purchase of a cream in a pharmacy. Everyone will be paying, complying with the benefit they owe.

Payment methods

Generally, the accepted means of payment are usually in: cash, with which the acquisition is paid and completed; against reimbursement, once the good is delivered at home or where it is stipulated, the money will be delivered; or through some electronic means such as a credit card or credit card debitCertainly popular forms in these times where cash is no longer so common and virtual means of payment are.
In addition, we cannot ignore in this regard that currently commercial stores and brands, among others, They usually offer their customers succulent discount promotions if they pay with credit or credit cards. debit. And not to mention the possibilities of financing, in the case of credit cards, which allow you to obtain the good or service and pay it in comfortable installments every month.

As for the place of payment, it can be made in an entity specially arranged for such a need, at the debtor's domicile if it is arranged in that way, or in the case of payment for an object acquired, it is usually done in the physical space available to the seller of the object.

Bad debtor will be intimidated by justice

If someone does not comply with the payment of the obligation that he duly assumed will be considered as delinquent and may be intimidated by the Justice to regularize the payment in question. The initial amount owed will be added to the interest that begins to to run from the same day the payment is due.
In the case of purchases of goods, the seller may not deliver the good if he has not received payment for it in a timely manner.
The cancellation of the debt can be paid through the same means of payment mentioned above.

Other uses

Likewise, payment can refer other issues, among them, is the division of a municipal term, small town or village (“Juan left his payment in the interior of the country ten years ago”), the place in which a person was born or in which he has been rooted for a long time and also to the fulfillment of an effective sentence: "Mario is paying ten years in prison for the robbery."

Topics in Payment