When should banks chase debts? New method could help them decide

Like Kenny Rogers' gambler, who has to "know when to hold 'em, know when to fold 'em," banks face financial risks and uncertainty when deciding when to chase consumers who default on their credit card payments and when to ...

Facebook picks London for WhatsApp payment base

Facebook has chosen London as its base for a payment system on WhatsApp, its mobile messaging service confirmed Wednesday, highlighting the capital's attractiveness as a fintech hub despite Brexit strains.

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Payment

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, cheque, 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 payer is the party making a payment while the payee is the party receiving the payment.

This text uses material from Wikipedia, licensed under CC BY-SA