If you look back in history, you would find the barter system to be the first payment and settlement system to exist that facilitated the exchange of products or services. On the other hand, it is unarguably true that where there will be commodities and services, there will be demand for the payment settlement process.
A simple technique for making payments by transferring money through bank accounts is now possible because of the establishment of the banking system. Moreover, a payment method is needed for the transaction, which led to the launch of payment systems. It is through an effective payment system that the functioning of the market is encouraged.
Understanding the Payment Settlement Process
In simple words, the process of payment settlement can be understood as one where both sides must cooperate completely. Once the settlement is made, the member may then confirm that the payment has been settled.
However, once a defaulter has been reported to us at CreditQ, their name will always remain on the list of defaulters until the settlement of payment has been completed and we are aware of it.
Their name will not experience a further decrease in rating or ranking and they will be free to do business with complete freedom like everyone else.
What is the Report Settlement of Dispute?
The reported settlement of the dispute takes place when both the registered member and the defaulter may agree to resolve their disagreement regarding the payment.
This is followed by the resolution of their disagreement and the defaulter’s payment where the registered member may report that the payment has been paid.
However, this would only happen when the registered member wants to do so, which will further resolve the disagreement regarding the payment settlement.
What are the Different Modes of Payment Systems Include?
The different modes of payment systems that are included in the payment settlement process are as the following
- Paper Based Clearing
Clearing Houses
MICR codes
Cheque Truncation System
Speed Clearing
Uniform Regulations and Rules for Bankers Clearing House
Procedural Guideline for Cheque Truncation System
- Real Time Gross Settlement ( RTGS )
- National Electronic Fund Transfer
- Electronic Clearing Services
- National Electronic Clearing Services
- Customer Facilitation Centres for NEFT and RTGS
How Does CreditQ Help in the Payment Settlement Process?
When it comes to the settlement of payment, no other third-party platform can help you like us “CreditQ”. We are the leading service providers that assist customers to settle their business defaulter dues and improve their cash flow. When you choose the premium services, it goes above and above to settle the dues digitally through emails, WhatsApp texts, SMS, e-notices, legal notices, IVR calls, and more.
Our team goes the extra mile to get in touch with the defaulter parties and facilitate payment of the outstanding debts. You can also expect to get business credit reports from time to time. On giving the settlement consent in the premium service on verified defaulters within 15 days of working, you can expect as a CreditQ user to be able to get a return on the subscription fees.
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