Bank transfer - how is it? The most common form of cashless payments in Russia
Cashless payments - how does it look in practice? Despite the fact that they are regularly spoken about, many nuances remain beyond the limits of conversations. We will discuss them further in the article.
Forms of payment
Not so long ago it was considered customary to carry in wallets a significant part of the available cash. Now it has become irrelevant. The reason is mainly in the distribution of bank cards. With their help, you can dispose of all the available money, and there is no need to carry around bills.
Non-cash transfers made it possible settlements between participants in the economic turnover without using paper money.
Bank transfer - how is it from a business point of view? Businessmen used to use accounts in credit organizations to carry out settlements among themselves.However, there has been the use of paper documentation.
Businessmen, as well as ordinary citizens, are now spared the need to process a large amount of documentation to manage their accounts. It is enough to make a few clicks with a computer mouse to make deductions. All account transactions are carried out in the office or at the computer.
There are also other, non-electronic forms of payment, not as common.
Despite the differences, they are all united by one thing - except for the need to have paper money with them. For businesses, this is of particular importance.
Banking services cost some money, but nonetheless, citizens and organizations still resort to them. And the fact that payment by bank transfer is so attractive is facilitated by the following features:
- Comfort. Access to money is provided throughout the time of day on any day (day off or working).
- The speed of the operation. A few keystrokes or PC buttons are all you need to do an operation.
- Documentation is generated in electronic form.
- Credit organizations keep information about the operations carried out without restrictions, thereby creating a kind of archive that can be accessed at any time.
- Saving money (banks offer preferences to customers using electronic forms of payment and methods of reporting).
The listed advantages mainly concern the methods working with the help of electronic technologies.
The organization of non-cash payments is regulated.following acts:
- GK - contains the basic provisions of the law on non-cash payments, describes the procedures and conditions on the liability of the parties.
- Law "On Banks and Banking".
- The law "On the national payment system."
- Regulation on the issuance of payment cards.
- Other federal laws and regulations adopted by the Central Bank as a regulator of financial activity.
On the basis of legislation, banks are developing their own rules for the provision of services. From the point of view of law, they have the status of transactions, the provisions of which can be challenged in arbitration or general court, depending on who the client is.
Forms of cashless payments
Let's clarify again, non-cash payments - how is it? There are several forms of it, some of them are explicitly spelled out in the law, others exist within the framework of general regulations, in particular, electronic money. Cashless payments are carried out by:
- letter of credit;
- collection calculations;
- issuing a check;
- payment order;
- in other ways, not provided for, but not prohibited by law.
Next, we dwell on each of them.
Letters of credit
A letter of credit is a payment for goods or services or a transfer of funds on behalf of a client. What is the essence of non-cash payments? The operation is carried out at the expense of the client, with the purpose of which the necessary amount in the account is blocked. A credit may be issued for payment.
A letter of credit can be of two forms - revocable and irrevocable. In the first case, the bank making payments has the right to change the terms of their implementation at its discretion and, in particular, to withdraw it. By law, it is considered revocable, unless otherwise indicated in the contract with the client.
The bank accepting the payment, unlike the recipient of money, must be notified in advance of the change in the terms of payment or the refusal of it by the bank making the payment.
An irrevocable payment, confirmed by the bank sending the money, cannot be canceled without the consent of the accepting bank, and its conditions cannot be changed.
The executing bank is entitled to make a payment at its own expense, having received preliminary evidence that the recipient fulfills the conditions of the letter of credit. The bank, which is responsible for the direction of payments, is obliged to reimburse all expenses to the performing bank.
When calculating the collection, the bank on the contrary undertakes to accept payment in favor of the client. Postings can be secured with the help of another bank at the discretion of the institution that is committed to accepting payments.
A check is a security on the basis of which a payment is made from the account of the person who issued it. There are no additional conditions for receiving funds.
The check is provided to the bank in which the drawer has an account. From it money can be written off on the basis of checks, according to the agreement with the bank. Details of the check are as follows:
- the title of the document must be “check”;
- an order to pay a specific amount with a currency symbol;
- information about the payer, the recipient and the account from which payment is to be made;
- date and place of drawing up the check;
- signature of the check originator.
The absence of one of these points makes it invalid. The employee accepting the named security is obliged to verify its authenticity and the powers of the person presenting it.
Cashless payments - what does it look like with checks? They may be issued to a specific person, in this case, the transfer of rights is prohibited, since issuing a check may imply a transfer of rights.
Payment can be guaranteed by a bank or other person in whole or in part. The guarantee mark is made by the guaranteeing person.
The following method of cashless payments is a contract between the bank and the client. The bank undertakes to transfer the amount specified in the document to the beneficiary’s account. The term of transfer is specified either in the order or in the contract. To date, this method of translation is the most common. Moreover, it is easier for the rest to translate it completely into an electronic document management system.
An application for money transfer can be made by a person who does not have a bank account, if there are no restrictions in the law or the rules of the bank.
Some nuances of production calculations
Banks have the right to postpone a payment or refuse to post it if doubts arise as to its legality and the absence of the authority of the person requesting payment.The lack of a complete set of documents, inaccuracies in the same payment orders, give the right to suspend the operation.
If another bank is involved in the operation, its representatives are also entitled to express their doubts and request additional information in order to clarify the data on the transfer.
The legislation gives considerable freedom to banks in terms of setting their own rules for cashless payments.
If the client suffered losses, in particular, by transferring money to a person who did not have rights to them, or there were unreasonable delays in payments, the bank must compensate for the damage. It certainly turns out the fault of the financial organization and the owner of the money.
Other forms of payment
Another form of settlement is direct debit. Write-offs are made from an account with sufficient funds at the request of another person. The bank that opened the account withdraws money from the account, according to the agreement with the client.
This form fits the above described form of cashless payments in Russia. And it does not make sense to single it out from the point of view of legislation. Banks offer other combination methods.which in one way or another are derived from those that are spelled out in civil law.
It is impossible not to pay attention to electronic payment systems.
Webmoney and Yandex Money are the most well-known electronic payment systems. They are not banking institutions and successfully occupy a significant part of the cashless payments market, ensuring the operation of the lion’s share of e-commerce in the country.
Formally, neither the first nor the second organization is engaged in issuing money, but the equivalents issued by them completely replace them. Competitors also offer plastic cards, but they are issued by Mastercard and Viza payment systems. The only difference is in linking such a card to a Webmoney wallet.
Sales system and non-cash payments
Cashless payment facilitates participation in trading operations. For example, participants in the transaction may be in different parts of the earth, now it is not a hindrance.
How are cashless sales organized? An entrepreneur or a commercial organization providing services and goods indicates a bank account or details of an electronic wallet to which customers transfer money.A range of the largest banks or payment systems is offered.
Customers choose one of the proposed payment methods. Electronic wallets of payment systems are convenient because transfers between them are instant.
It is impossible to say about non-cash settlements of banks. The only exception is transfers between accounts of individuals. Replenishment of the account or transfer in this case takes a few minutes.
In addition, special programs are provided for individuals that make it possible to quickly withdraw funds from the account as payments. An SMS message is sent to the mobile phone number with a request to confirm the payment. Confirmation is done by sending a new message already from the client number.
In the case of legal entities, non-cash settlements of banks take much longer. This is due to the need to ensure control over the legality of remittances and restrictions of the bank’s operating system.