A voluntary tender of money, or an equivalent, by one party in exchange of goods or services deemed in acceptable proportions. This will previously be agreed upon by the parties involved.
The one making the payment is the payer while the ones receiving it is the payee.
Payments can take on different forms. Some are:
- Services exchanged
- Bank Wire or other transfers
- Debit Card/Credit Card
Payments are usually made in some form of currency. To create a quantifiable transactions, there needs to be a standard unit of account. Often this is solved utilizing the currency denominations associated with the legal tender.