Banking. Main forms of non-cash payments in the Russian Federation (lecture notes)

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Banking. Main forms of non-cash payments in the Russian Federation (lecture notes)

Lecture notes, cheat sheets

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The main forms of cashless payments in the Russian Federation

The type of settlement documents and the organization of workflow in the bank, payers and recipients of money determine the following main forms of non-cash payments: payment requests, payment orders, settlement checks and letters of credit.

Payment request - this is a settlement document containing the requirement of the recipient of funds to the payer to pay a certain amount through the bank. Payment claims are most appropriate when paying for goods and services. There are payment requirements with preliminary and subsequent acceptance. The disadvantages of settlements with payment requests are a long document flow and the possibility of non-payments due to lack of funds from the payer.

Payment order is a settlement document containing an instruction from the payer to the bank to transfer a certain amount from his account to the beneficiary's account. Payment orders are most widely used in settlements for agricultural products purchased from collective farms and state farms, as well as in advance payments for services and goods, advance payments, and the predominant part of non-commodity payments, for example, to the budget. The disadvantage is that suppliers may become dependent on buyers who may delay issuing payment orders.

Settlement check - a document containing an order from the drawer to the bank to transfer a certain amount from his account to the account of the check holder. Payment checks should be distinguished from cash checks, for which cash is issued from the bank: they cannot be used to give change in cash. Checks are used in payments for goods accepted according to acceptance documents, as well as for transport services. This is one of the guaranteed forms of payment. Payment of checks is secured by a bank loan or from a specially created deposit.

Letter of credit - an order from the buyer's bank to the supplier's bank for the shipped goods or services rendered on the terms stipulated in the buyer's letter of credit application. Letters of credit are used in out-of-town settlements for goods, mainly for one-time deliveries. The disadvantages of the letter of credit form of payment include the delay in cargo turnover: the goods are shipped only after receiving the letter of credit.

Such guaranteed forms of payment as checks and letters of credit are beneficial for suppliers in settlements with inaccurate payers or buyers whose solvency is unknown to them. For payers, depositing one's own funds for issuing a letter of credit or buying a checkbook in separate accounts delays the circulation of money and may lead to temporary financial hardship. To prevent this, it is advisable to resort to obtaining short-term loans for these purposes.

Author: Shevchuk D.A.

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