- Payment Processing
- Online Payments
- Accounts Payable
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Payment Processing is defined as providing a Person with the ability to charge or debit accounts using any payment mechanism, including but not limited to Remotely Created Payment Orders, Remotely Created Checks, ACH Debits, or debit, credit, prepaid, or stored value cards, either directly or indirectly. Payment Processing entails, among other things: (a) reviewing and approving merchant applications for payment processing services; (b) providing the means for merchants to transmit sales transaction data to acquiring banks or other financial institutions; (c) clearing, settling, or distributing proceeds of sales transactions from acquiring banks or financial institutions to merchants; or (d) processing Charitable Contributions.
Trading money electronically is known as online payment. Computer networks, the internet, and digital stored value systems are commonly used in this process. You accept an online payment when you collect payment over the internet. The transaction that results in the transfer of monetary funds from the customer's bank or credit card account to your bank account is known as an online payment. A credit card, a checking account, or another clearinghouse, such as PayPal, can be used to make an online payment. Merchants who accept online payments must adhere to a set of security guidelines. The security for online payments is designed to reduce the risk of billing and personal information being stolen.
The overall accounts payable (AP) balance of a corporation at a given moment in time will appear in the current liabilities column of its balance sheet. Accounts payable are debts that must be paid in a certain amount of time in order to avoid default. AP refers to short-term debt payments payable to suppliers at the business level. The payable is effectively a short-term IOU between two businesses or entities. The opposite party would record the transaction as a corresponding increase in its accounts receivable. In a company's balance sheet, accounts payable (AP) is a critical item. If AP increases over time, it indicates that the company is purchasing more things or services on credit rather than paying cash. When a company's AP drops, it suggests it is paying off previous period loans quicker than it is buying new things on credit. Accounts payable management is crucial to a company's cash flow management.
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Disclaimer: This research has been collated from a variety of authoritative sources. We welcome your feedback at [email protected].
Researched by Rajat Gupta