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A direct debit or direct withdrawal is a financial transaction in which one organisation withdraws funds from a payer's bank account. [1] Formally, the organisation that calls for the funds ("the payee") instructs their bank to collect (i.e., debit) an amount directly from another's ("the payer's") bank account designated by the payer and pay those funds into a bank account designated by the ...
A representative payee, or substitute payee, is a person who acts as the receiver of United States Social Security Disability or Supplemental Security Income for a person who is not fully capable of managing their own benefits, i.e. cannot be their own payee. The representative payee is expected to assist the person with money management, along ...
Self-service is the practice of serving oneself, usually when making purchases. [1] Aside from Automated Teller Machines (ATMs), which are not limited to banks, and customer-operated supermarket check-out, [ 2 ] labor-saving which has been described as self-sourcing , there is the latter's subset, selfsourcing and a related pair: End-user ...
A payment service provider (PSP) is a third-party company that allows businesses to accept electronic payments, such as credit card and debit card payments. PSPs act as intermediaries between those who make payments, i.e. consumers , and those who accept them, i.e. retailers .
The payee may compromise on a debt, i.e., accept 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.
Ultimately, there is also at least one endorsee which would typically be the financial institution servicing the payee's account, or in some circumstances may be a third party to whom the payee owes or wishes to give money. A payee that accepts a cheque will typically deposit it in an account at the payee's bank, and have the bank process the ...
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