.

Subsequently, one may also ask, what is a remittance payment?

A remittance is a payment that gets sentsomewhere else. If you get a bill in the mail, you will usuallyhave at least a week to send your remittance. To"remit" is to send money or make a payment and whatyou send is called remittance.

Subsequently, question is, what is the difference between remittance and payment? Remittance is typically sent to family andfriends, its money sent without any commercial purpose whereasPayments is tied to exchange of money for a service orproduct. So be careful when making business related payments(invoice payment, commission, employee salary,etc).

Thereof, what is an example of a remittance?

Remittance is the act of sending in money to payfor something. An example of remittance is what acustomer sends in the mail when a bill is received. Anexample of remittance is the check sent to pay forthe treadmill you bought on TV.

What is a direct credit?

A direct credit is an electronic transfer offunds through the ACH (Automated Clearing House) system. Thepayment is initiated by the payer, which sends funds directly intothe bank account of the payee. Direct credits are commonlyused to make periodic compensation payments toemployees.