Payment Method

In the payments industry there is a lot of jargon spoken and a lot of unnecessary complication that try to make the whole world seem more than it is. Take for example the Single European Payments Area (SEPA) initiative. Here the governing body, the EPC, has perpetuated this state of affairs by creating more and more ‘types’ of payments so now we have SEPA credit transfers, direct debits, business to business direct debits, card transactions, e-payments, m-payments… the list goes on. But what is clear is that the core of every payment method boils down to four basic types – regardless of whether it is paper or electronic.

First, let us consider what a payment actually is. In essence, I have some money. I need to let you have the money – either in exchange for goods or services, or to settle a societal debt (such as dependence), as such I…

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