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payment method

Comprehensive Analysis

1) "Payment" -- As to payment method pay·ment Pronunciation: 'pA-m&nt Function: noun 1 : the act of paying 2 : something that is paid : PAY 3 : REQUITAL Pronunciation Symbols A payment is the transfer of wealth from one party (such as a person or company) to another. A payment is usually made in exchange for the provision of goods, services, or both, or to fulfill a legal obligation. The simplest and oldest form of payment is barter, the exchange of one good or service for another. In the modern world, common means of payment by an individual include money, check, debit, credit, or bank transfer, and in trade such payments are frequently preceded by an invoice or result in a receipt. However, there are no arbitrary limits on the form a payment can take and thus in complex transactions between businesses, payments may take the form of stock or other more complicated arrangements. In law, the payor is the party making a payment while the payee is the party receiving the payment. Payments may be classified by the number of parties involved to consummate a transaction. For example, a credit card transaction in the United States requires a minimum of four parties (the purchaser, the seller, the issuing bank, and the acquiring bank). A cash payment requires a minimum of three parties (the seller, the purchaser, and the issuer of the currency). A barter payment requires a minimum of two parties (the purchaser and the seller). In 2005, an estimated $40 trillion globally passed through some type of payment system. Roughly $12 trillion of that was transacted through various credit cards, mostly the 21,000 member banks of VISA and MasterCard. Processing payments, including the extending of credit, produced close to $500 billion in revenue. (Source: McKinsey and Company, 2006) APACS (The UK Payments Association) Trade Financial transaction Money Accounting Commerce Business ..." 2) "Method" -- As to payment method meth·od Pronunciation: 'me-th&d Function: noun Etymology: Middle English, prescribed treatment, from Latin methodus, from Greek methodos, from meta- + hodos way 1 : a procedure or process for attaining an object: as a (1) : a systematic procedure, technique, or mode of inquiry employed by or proper to a particular discipline or art (2) : a systematic plan followed in presenting material for instruction b (1) : a way, technique, or process of or for doing something (2) : a body of skills or techniques 2 : a discipline that deals with the principles and techniques of scientific inquiry 3 a : orderly arrangement, development, or classification : PLAN b : the habitual practice of orderliness and regularity 4 capitalized : a dramatic technique by which an actor seeks to gain complete identification with the inner personality of the character being portrayed synonyms METHOD, MODE, MANNER, WAY, FASHION, SYSTEM mean the means taken or procedure followed in achieving an end. METHOD implies an orderly logical arrangement usually in steps <effective teaching methods>. MODE implies an order or course followed by custom, tradition, or personal preference <the preferred mode of transportation>. MANNER is close to MODE but may imply a procedure or method that is individual or distinctive <an odd manner of conducting>. WAY is very general and may be used for any of the preceding words <has her own way of doin Method may refer to: Scientific method, a series of steps taken to acquire knowledge Method (computer science), a piece of code associated with a class or object to perform a task Method (music), a kind of textbook to help students learning to play a musical instrument Methodology, the collection, the comparative study, and the critique of the individual methods that are used in a given discipline or field of inquiry Methodology (software engineering), a series of steps taken to build software Method acting, a style of acting in which the actor attempts to replicate the conditions under which the character operates Method (Godhead), the bassist and programmer for the industrial band Godhead Discourse on Method, a philosophical and mathematical treatise by RenĂ© Descartes "The Method of Mechanical Theorems", part of the Archimedes Palimpsest ..." 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