Card Payment Definition | Law Insider (2024)

FAQs

Card Payment Definition | Law Insider? ›

Card Payment means payment in relation to a Booking by any means other than by cash or cheque or direct debit, including but not limited to credit card or debit card.

Card payments are a cashless payment method where customers pay for their purchases with their debit or credit card, either via a point of sale (POS) or online. The amount is debited directly from their bank account, or if they pay via credit card, they're charged at a later date.

Payment is the performance of an obligation to pay money. A person under such an obligation is called a debtor, and a person to whom the obligation is owed is called a creditor. The obligation may arise in various ways, but it is most commonly the result of a commercial transaction or contract between the parties.

Most commonly, a payment card is electronically linked to an account or accounts belonging to the cardholder. These accounts may be deposit accounts or loan or credit accounts, and the card is a means of authenticating the cardholder.

With the 15/3 rule, you make two payments each statement period. You pay half the credit card balance 15 days before the due date and the second half three days before the due date.

A payment card is a card that can be used to withdraw money or pay for goods and services – for example a debit card, credit card, or prepaid card (a card pre-loaded with funds).

A payment is the tender of something of value, such as money or its equivalent, 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 or philanthropy desire.

The performance of a duty, promise, or obligation, or discharge of a debt or liability, by the delivery of money or other value.

(5) The term "debt" means any obligation or alleged obligation of a consumer to pay money arising out of a transaction in which the money, property, insurance or services which are the subject of the transaction are primarily for personal, family, or household purposes, whether or not such obligation has been reduced ...

In civil law, the word transaction may be used to refer to an agreement (commonly written in the form of a contract) reached between two or more parties whereby they make reciprocal concessions to prevent or end a dispute that might end up in litigation.

What is required for card payment? ›

There are a few simple steps that you need to follow to do an online transaction using your credit card. You need to enter your credit card number, credit card expiry date, CVV, and billing address to continue the transaction.

A. card payment is a process where a payer uses a. credit or debit card to pay for goods or services. offered by a merchant. Due to the diversity of na- tional and international consumer banks and the complexity of payment standards and regulations, a number of actors support the handling of digital re- tail ...

A regular payment is an agreement between a customer and a merchant to debit either a bank account or a card at a determined interval agreed by both parties.

In an amendment to the 'Master Direction — Credit Card and Debit Card — Issuance and Conduct Directions, 2022' released on March 7, 2024, the central bank said, "In order to provide flexibility in this regard, cardholders shall be provided the option to modify the billing cycle of the credit card at least once, as per ...

a payment you make by credit card for something you buy: We will also accept credit card payment for online and mail order sales. [ C ] a payment you make to reduce the amount you owe on your credit card: Her monthly credit card payments are automatically deducted from her checking account.

The CARD Act, as it's more commonly known, is a major piece of federal legislation that regulates credit card issuers in the U.S. It expanded the Truth in Lending Act by adding transparency related to credit cards terms and conditions and placing limits on certain fees and interest charges credit card customers ...

Most credit card issuers let you pay your credit card bill by phone, through an online account or mobile app, or by mail. You may also be able to pay in person.

The card payment process in action

The money normally arrives in the merchant's bank account within 2-3 working days. The merchant service fees for each sale are added to the merchant statement and are billed at the end of the month. The merchant usually pays these fees by Direct Debit.

When it comes to knowing online payment meaning, in essence it is an exchange of currency, electronically through the internet. The process in these payments is the transfer of money from the bank account, debit card, or credit card of a customer to the bank account of a seller.