Payments

A payment is the voluntary tender of money or its equivalent or of things of value by one party (such as a person or company) to another in exchange for goods, or services provided by them, or to fulfill a legal obligation. The party making a payment is commonly called the payer, while the payee is the party receiving the payment.

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Payments are frequently preceded by an invoice or bill, which follow the supply of goods or services, but in some industries (such as travel and hotels) it is becoming common for pre-payments to be required before the service is performed or provided.

The timing of a payment has legal implication in some situations. For tax purposes, for example, the timing of a payment may determine whether it qualifies as a deduction in a taxpayer's calculation of taxable income in one year or the next. For U.S. tax purposes, cash payments generally are taken to occur at the time of payment.