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.

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-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 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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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.

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