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Business Guide
We hope you will discover various and useful business information to help you reach your goals.
 

Other Payment Methods

A payment is the transfer of wealth from one party to another. It is usually made in exchange for the provision of goods, services or both, or to fulfill a legal obligation.

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 to transfer money from one account to another. In this method a third party must be involved. 

PRE-AUTORIZED  PAYMENTS (PAP-s)

Pre-Authorized Payment allows you to pay regular and recurring payments from your account.

Payments, such as insurance, mortgage, loan etc., can be paid automatically from your bank account each month and this arrangement can save your time and worry of neglecting a payment.

ELECTRONIC DATA INTERCHANGE (EDI)
EDI can be formally defined as 'The transfer of structured data, by agreed message standards, from one computer system to another without human intervention'.

In business terminology Electronic Data Interchange (EDI) refers to the structured transmission of data between organizations by electronic means. It is used to transfer electronic documents from one computer system to another (ie) from one trading partner to another trading partner. It is more than mere E-mail; for instance, organizations might replace bills of lading and even checks with appropriate EDI messages.

Electronic Data Interchange or EDI, is popular new option and many companies are using it to make payments and orders without any papers, just by using special software for your personal computer. For example, you place your order from your computer to your supplier's computer. Their computer receives and place your order. The ordered shipment is sent to you and invoice for that transaction is sent electronically from supplier's computer to your computer. Your computer, when payment is due, initiates the payment from your account to the supplier's account.

EDI and other similar technologies save a company money by providing an alternative to, or replacing information flows that require a great deal of human interaction and materials such as paper documents, meetings, faxes, etc. Even when paper documents are maintained in parallel with EDI exchange, e.g. printed shipping manifests, electronic exchange and the use of data from that exchange reduces the handling costs of sorting, distributing, organizing, and searching paper documents. EDI and similar technologies allow a company to take advantage of the benefits of storing and manipulating data electronically without the cost of manual entry. Another advantage of EDI is reduced errors, such as shipping and billing errors, because EDI eliminates the need to rekey documents on the destination side. One very important advantage of EDI over paper documents is the speed in which the trading partner receives and incorporates the information into their system thus greatly reducing cycle times. For this reason, EDI can be an important component of just-in-time production systems..

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RECOMMENDED  LITERATURE

Unlocking the Cash in Your Company: How to Get Unlimited Funds Without a Loan - Introduces an alternative means of financing which is often available to those who cannot obtain a bank loan. Will this form of financing -- factoring -- help your business? Learn how selling your invoices can generate immediate cash flow… who can qualify… how factoring differs from other financing… when to factor and when not to… how to find the right factor… and much more.

The Entrepreneur's Guide to Patents, Copyrights, Trademarks, Trade Secrets & Licensing - Today, virtually all companies, artists, and innovators run the risk of losing their competitive edge-and big money-by not adequately safeguarding their intellectual property. Written by an expert in intellectual property law, this is the first book to address the full range of legal protections available-patents, copyrights, trademarks, trade secrets, and licensing-with innovative info you won't find elsewhere...

 
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