Presentment is the process by which the acquirer sends the transaction to the issuer for reimbursement. The acquirer sends a presentment for payment.
Presentment can refer to the act of submitting, or presenting, a legal document to another party.
Bill presentment is the submission of a bill in exchange for payment. A bill is an instrument that directs third party payment. The bill directs the third party to pay the recipient the fixed amount.
Electronic bill presentment and payment is a process that allows bills to be created, processed and paid over the internet (online bill presentment). Most banks offer this as part of their online banking service. Pre authorised debit transactions can also be available and can offer a cardholder choice to have their account process bills on a regular basis.
Since the progression of technology, electronic cheques presentment has developed, allowing images of cheques to be shared digitally, instead of by post, between financial institutions and has improved efficiency, time, storing cheques and the detection of fraud.
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