A payment is the trade of value from one party to another for goods, or services, or to fulfill a legal obligation.
Payments may also take complicated forms, such as stock issues or the transfer of anything of value or benefit to the parties.
In general, the payee is at liberty to determine what method of payment he or she will accept; though normally laws require the payer to accept the country’s legal tender up to a prescribed limit. The payee may compromise on a debt, i.e., accept a part payment in full settlement of a debtor’s obligation, or may offer a discount, E.G: For payment in cash, or for prompt payment, etc.On the other hand, the payee may impose a surcharge, for example, as a late payment fee, or for use of a certain credit card, etc.
A creditor cannot unreasonably refuse to accept a payment, but payment can be refused in some circumstances, for example, on a Sunday or outside banking hours.
