Premium Essay

Payment Types

In: Business and Management

Submitted By anjalibsingh
Words 574
Pages 3
Ethical acceptability of the three types of payments: Commission, Facilitation payment or Bribe

The payments done to anyone to affect or influence one’s action or decision is labelled under few names like commission, facilitation fee or bribe etc. There is insignificant difference between all these terms. The focus in this paper is on the ethical acceptability of these payments.

The term ‘Bribe’ is generally used when money, gift or something of value is offered to any person to perform something which he is not authorised to do. This is considered as unethical and can also be considered as an offence under the law of corruption which makes it illegal in some countries. The other name ‘Facilitation Fee’ is given to the payment which has been done in various forms to someone who is obligated to perform a duty but offered to facilitate the permission or to hasten the process. Facilitation fee is considered as ethical or unethical based on the kind of work done or the advantage gained through it. Commission or service fee paid is considered acceptable and commonly practiced as it is pre-defined in most of the cases and remains same for all.

There are no set rules or definitions to explain bribery. Local customs and laws often describe its boundary. Expressing moral approval or disapproval of payment done in any form is influenced by different social and cultural norms. For example, a facilitation fee is permissible to charge and pay in United States. It does not fall under Corruption Act whereas it has no exception in United Kingdom and is not acceptable. These payments are also termed as ethical when the amount of fees paid and nature of service taken is transparent and does not over shadow the eligible. When the payment done is illegal, it is clearly unethical. When the briber or bribee is taking an undue advantage or is inappropriately influencing some...

Similar Documents

Premium Essay

Sample Final: International Payments

...Sample Final: International Payments I, MCQ 1, A shipping document indicating the details of the shipment and delivery of the goods and their ownership is a A, B/L (True: This is the most important transport document) B, Sight draft (False: This is a type of B/E) C, Time draft (False: This is a type of B/E) D, L/C (False: this is a method of payment) 2, A written statement by the exporter ordering the importer to pay a specific amount of money upon presentation to drawee to whom it is addressed is known as a A, B/L (False: This is a transport document) B, Sight draft (True: This is the type of B/E that requires payment upon presentation) C, Time draft (False: This is the type of B/E that requires payment at a future date after presentation) D, L/C (False: this is a method of payment) 3, L/C may be payable at all but one of the following locations: A, Confirming Bank’s counters (False: Confirming Bank has irrevocable undertaking to Beneficiary) B, Nominated Bank’s counters, or at the counters of any bank if L/C is freely negotiable (False: Nominated Bank pays Beneficiary on behalf of Issuing Bank (Confirming Bank)) C, Issuing Bank’s counters (False: Confirming Bank has irrevocable undertaking to Beneficiary) D, Reimbursing Bank’s counters (True: Reimbursing Bank has no undertaking towards Beneficiary. It only functions to reimburse other banks with authorization of Issuing Bank) 4, Which of the following can be combined under......

Words: 346 - Pages: 2

Free Essay


...Customer STATEMENT Unilever Pakistan Limited Avari Plaza, Fatima Jinnah Road 75530 P.O.Box: 220 Karachi-Pakistan Tel.:922135660062 Fax: 922135681705 MSY ENTERPRISES Main Bazar Faisal Colony Pattoki. From: 01 JAN 13 To: 11 MAR 14 CUSTOMER NO. SALES TERMS CURRENCY PAGE : 0015148347 : Payment will be due 14th day : Pakistani Rupee : 1 of * Opening Balance : 0.00 DATE PAYMENT ORDER NUMBER PO NUMBER TYPE PAYMENT TERMS REFERENCE NO. AGE DEBIT CREDIT BALANCE 16/01/2013 17/01/2013 17/01/2013 17/01/2013 17/01/2013 23/01/2013 28/01/2013 28/01/2013 28/01/2013 30/01/2013 02/02/2013 04/02/2013 06/02/2013 06/02/2013 06/02/2013 06/02/2013 08/02/2013 08/02/2013 08/02/2013 08/02/2013 08/02/2013 08/02/2013 08/02/2013 08/02/2013 08/02/2013 08/02/2013 08/02/2013 08/02/2013 08/02/2013 08/02/2013 08/02/2013 08/02/2013 08/02/2013 09/02/2013 TB13A334 TB13A333 TB13A329 TB13A332 PA13A320 TJ13A332 TJ13A331 TJ13A330 TB13A330 TB13A328 TJ13A329 EA13A399 TB13A327 EM13A071 PA13A321 RA13A207 TS12L097 PAY INV INV INV INV INV PAY OTH OTH INV INV PAY OTH INV OTH OTH CRD CRD CRD CRD CRD CRD CRD CRD CRD CRD CRD CRD CRD CRD CRD CRD CRD INV Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 Y000 7566740 3850678130 3850678131 3850678150 3850678147 3850685759 7566802 CLRD CLRD CLRD CLRD CLRD CLRD CLRD CLRD CLRD 4,157,716.52 352,376.32 1,472,975.32 1,392,200.84 128,516.41 811,647.63 5,500,000.00- 5,500...

Words: 25236 - Pages: 101

Free Essay

Learning Support in Education

...Pre-contractual Explanations It is important that you read these pre-contractual explanations for the credit agreement with Premium Credit Ltd carefully. You should also read the pre-contract credit information provided with the credit agreement. They explain the key features of the credit agreement to help you decide whether our product is suitable for your needs and financial situation. 1. What the agreement is for You can use the credit agreement to finance the payment for different Services, such as insurance policies, school fees, professional membership fees and club fees. However we must agree each use of the credit agreement in this way. We will tell you on request whether we are willing to finance any particular Service (or any Service arranged by a particular intermediary). 2. How much does it cost? Each time that you use the credit agreement to pay for a Service we will charge you a Transaction Fee and we may charge a Facility Fee. The Transaction Fee is a percentage of the amount that you borrow to pay for that Service. We will tell you the percentage that we will apply, and the amount of the Transaction Fee, for each Service that you finance. The percentage may change for each Service that you finance. The Facility Fee is a flat fee that is payable for each Transaction and is payable unless we tell you otherwise. If the Transaction is not for business purposes then the Facility Fee will be £0. If your Transaction is for business purposes then it will be £5 if...

Words: 15135 - Pages: 61

Premium Essay

Re-Engineering the Payment Processing System at Rfc

...Question 2 The company RFC encounters some difficulties in its payment processing system. Re-engineering might solve some of the issues faced by its managers. First of all, a full understanding of the five different problems RFC listed in this case study is necessary. Althought each one of these problem is unique, affects different part of the organisation and have their own consequences, they all come from the same origin: Complexity of information management and communication Process too slow Here are some possible changes that would improve the payment processing. Eliminate the possibility for the customer to pay in the Home Office directly. Indeed, the Home Office have huge difficulties to find informations about the payment, leading therefore to lots of errors of payments (Problem #1). This action will simplifies the payment processing and reduce factors of errors and clerical work (Problem #3). Beside, it will also reduce the time needed to make necessary file updating. There is a delay between the moment a payment is made, and the moment when this fact is taken into account in the business process database. Alas, no matter the changes in the processes, there will always be a little delay. In this case, batch payment processing is run every evening to update all data centrally, so the delay is at least 1 day long. An action would be to urge managers of the branchs to hurry to update particuliary important file each time they have to make a......

Words: 530 - Pages: 3

Premium Essay

Voluptas Itaque Voluptas Autem Vitae

...Druclula Cabs Ltd gulistan-e-juhar 5456asdfasd-karachi Com Id# 1 VAT Number : N/A Date : 8:21 pm, January 24th 2016 Number of Journey : 14 Invoice for :January, 2016 Summary Fare Payments to Exchange Payment Type Trips Payment(£) Card Charge (£) Commission(£) VAT(£) Selact will Pay(£) Card 0 0.00 0.00 0 0.00 0 Total 0 Fare payments directly to Exchange Partner Payment Type Trips Payment(£) Commission(£) VAT(£) Operator will Pay(£) Cash 3 757.00 3 151.40 154.4 Total 154.4 Commission/Penalties Status Trips Base Paymet (£) Cleared 3 Returned PPG Payment (£) Commission (£) Penalty (£) VAT (£) Balance (£) 757.00 3 0 151.40 154.4 1 13.00 0 0 0 0 Client-Canc el 0 0.00 0 0 0.00 0 Adjustments 0 Total 4 151.40 154.4 0 3 Total Payments ( Operator will pay to Selact ) : £ 154.4 Copyright ©Selact . All rights reserved. 0 Druclula Cabs Ltd gulistan-e-juhar 5456asdfasd-karachi Com Id# 1 VAT Number : N/A Date : 8:21 pm, January 24th 2016 Number of Journey : 14 Invoice for :January, 2016 Cleared Job Details Date Booking Id 2016-01-1 7T16:59:5 9 Pick Up Payment Type Total Price Total Price Comissio n Card Charge VAT fb688d42- Heathrow 7d3b-4f3c- Airport b09b-3d3d Terminal......

Words: 289 - Pages: 2

Premium Essay


...Business Law: Lecture 10 Bailment: Temporary transfer that allows you to transfer the possession for usage. Example: Lease a Car Types of Bailment: 1. Bailment for Value: when there is a payment for the usage of property. Example: Leasing a rental car for a vacation/crossing the boarders. 2. Gratuitous Payment: when dealing with a payment that requires no transfer of funds. When there is a risk of money there is a higher standard because you’re making an economic performance. Example: Borrowing the snow blower of your neighbor. Obligations that comes with the contract: 1) Determine the service provided Example: Rent a storage place, now you have a facility. Example: Storage Wars, Homeland Security. 2) Deals with the notion of Payment terms: how much you’re paying for a month, if you don’t pay inside the terms they are entitled to seize it. Example: How in storage wars they are bidding and auctioning storage units. 3) The extent for damage or loss. Example: When there is a delivery of a good by a company, whoever is under the control is responsible for the delivery. Unless they waive any liability in the agreement, they are responsible for reasonable care and diligence. Under the law in our society, normally the delivery company is liable for a value of $40; if we don’t specify a higher value they only pay the first $40. Example: Canada post, on the letter it’s protected if they lose the letter they’re done. Postal System is......

Words: 595 - Pages: 3

Premium Essay

Refund Policy

...students by CDU will be sent to the student’s official CDU email address. CONDITIONS OF REFUND Please read the following Conditions carefully before applying for a student refund. A B Once the cashiers have received correctly completed documents your refund will be processed within 30 days. Refunds are processed in the same method of payment that they were originally received in. Refund cost and payment methods: • • • • • • Electronic Funds reansfer (EFT). Once the university has processed the refund, access to these funds will show within three (3) business days. Chq only change 3 business days. Credit cards 7-10 working days Cheque refunds in Australian Dollars are only processed on Thursdays and may take at least three (3) business days before you can access the funds once you have deposited the cheque into your bank account. Credit card refunds are only processed back on to a card if the original payment was made by credit card. Once the University has processed the refund, it may take up to seven (7) working days before the credit appears on your account due to bank processing practices. Under banking regulations, if a student has made a payment with a credit card any refund must be credited to the original card. Charles Darwin University will refund to the original credit card...

Words: 618 - Pages: 3

Premium Essay

Questions for Household Survey for Mgnrega

...available? 4. Was the dated receipt given after you applied for employment? 5. Were you informed to report for work? If yes, then did you report for work? 6. Was the work given to you within 15 days or the date for which you demanded employment? 7. If employment was not provided within 15 days and you reported for work, was any unemployment allowance provided? 8. Is the work site within 5 km radius? If no then what is the wage received? 9. Was there any delay in payment of wages? 10. Did you take any action to curb such practices? 11. Did you go for work in which delay in payment of wages was made? 12. Did the delay in payment of wages force you to migrate during lean periods? 13. Ratio of wages male: female? 14. What are the provisions provided to you at the worksite? 15. What is the mode of payment of wages? 16. How has NREGA helped you in terms of creating durable assets? 17. What is the quality of assets created? 18. What are the types of works you think needs to be taken up? 19. How often are you involved in the social audit process? 20. Did you propose any recommendations for the work to be taken up? Was the work approved? If not, then why? 21. Rank these...

Words: 393 - Pages: 2

Premium Essay

Taxation Assignment

...contract. After negotiation both parties decided that the contract can be released only if Port Cricket Club pays $6,000 to Ben & Bill Reticulation Pty Ltd. The main issue that Bill and Ben Reticulation Pty Ltd face is that the amount of $6,000 they received from Port Cricket club is to be taxed or not? Whether the amount they received is assessable income or not? Identify the relevant law i.e. relevant legislation provision and cases Taxpayer usually receive compensation payments when they make any commercial or any other kinds of loses. The compensation payments are usually determined by what the payments are received for. There are two types of compensation payments, income nature and capital nature. Income nature is the payment received by a taxpayer to compensate their loss of amount or item that would have been received in revenue accounts. Whereas, capital nature are the payments received by a taxpayer to compensate their loss or destruction of their capital asset. The compensation payments received for the cancellation of trading contracts are assessable income. Under the section 6-5 of ITAA 97, it is clearly stated that ‘Your assessable income includes income according to ordinary concepts, which is called ordinary income’ Apply the law to the problem When applying the law to...

Words: 1748 - Pages: 7

Premium Essay

Hnd Buisness Level 5 2. How much will I have to repay? The total amount you have to repay depends on how much you spend on your card, how much of the balance you repay each month and the interest rate we charge you. Your Pre-Contract Credit Information contains an example of this. You must make at least the minimum payment shown in your monthly statement by the due date. The minimum payment is made up of interest, and any default charges plus 1% of the outstanding balance. Any arrears or amount over your limit are repayable immediately. You can pay as much as you like each month but if you don’t pay the full amount you will be charged interest which means it will take longer, and cost more, to repay the balance. You can set up a direct debit to pay the full balance, the minimum payment or a fixed amount each month. Put Simply You must pay at least the minimum amount requested each month but only doing this will take longer to repay and cost more over time. 3. What will happen to me if I do not keep up with repayments? If you do not make the minimum payment we will charge a late payment fee of £12 as well as interest and the total cost of your debt may grow. Missing or late payments will be recorded at Credit Reference Agencies so obtaining credit could be more difficult and expensive in the future. If we register a default or you become insolvent this will remain on your file for 6 years. It...

Words: 1430 - Pages: 6

Free Essay

Toyota vs Honda Payment Method

...Toyota Payment Options Toyota Financial Services offers you the following payment methods. Pay Online This flexible, free and convenient service allows you to schedule payments online using your bank account. You can schedule a one-time or recurring payment. To use Pay Online, you'll need your full bank account number, including your bank's routing number. To start using Pay Online, follow these steps: 1. Log in to your TFS Account. 2. Click "Payments" at the top and then on "Enroll in Online Payments". If you have not already signed up for a TFS Account, Register Now . Automatic Payments Sign up for the TFS AutoCheque Program, and your monthly vehicle payment is automatically deducted from the bank account you designate. Just fill out an application and we'll get you started. Download an AutoCheque Form in PDF format. To view PDF files you will need Adobe Acrobat ReaderTM Payment by Mail Mail your check along with your statement to the payment address listed on the monthly statement. If your statement is not available and you are not sure where to send your vehicle payment, see Where to Mail Your Payment for address details. Payment by Phone Our automated phone payment system will walk you through the steps needed to make a payment. You can make a payment 24 hours a day by calling (800) 874-8822. There may be a convenience fee associated with phone payments. For further details and program Terms and Conditions, consult the......

Words: 795 - Pages: 4

Free Essay

Cash Management

...programs. One of the services offered are card services. A business can get pre-paid cards that cover payroll, employee rewards, petty cash, per diem expenses and business-to-business incentive programs (PNC, 2010.) Another type of card service offered through the treasury management program is procurement plus travel and entertainment which covers better control over spending limit, establishes separate spending allowances for purchasing and travel and also reports for all company spending (PNC, 2010.) These reports help businesses keep track of all spending and purchases made by any employee who holds a card or who has access to these funds. The cards for travel or entertainment are for medium to large sized companies. According to PNC, these help reduce time and cost. PNC also offers Active Pay. Active Pay helps maximize payment controls, enhance transaction and data management and increase financial benefit (PNC, 2010.) Although PNC’s website does not expand on how this is done they do have a contact number for any business that is interested in opening an account with their financial institute. PNC also boasts with their cash management programs they help lower fees for payments as well as balance transfers. With businesses transfers and payments off an account may be more than a personal account, so lower costs in bank fees is always appealing to any company. Another bank that offers treasury management services is Wells...

Words: 1088 - Pages: 5

Premium Essay


...23/02/2016 STUDENT FINANCIAL STATEMENT ENROLMENT AND FINANCIAL DETAILS FOR THE SEMESTER Course Name: Master of Engineering Census Date Credit 3 Point EFTSL ELEC5020 Capstone Project A 31/Mar/2016 6 ELEC5509 0.1250 0.1250 0.1250 Amount Unpaid Due Date Status 1 : S310 Type 2 : I004 4,750.00 $ 0.00 $ 4,750.00 $ 0.00 $ 0.00 $ 4,750.00 $ 0.00 $ 4,750.00 $ 0.00 $ $ 0.00 01/Mar/2016 Status 1 : S310 Type 2 : I004 4,750.00 $ 0.00 $ 4,750.00 $ 0.00 $ 0.00 01/Mar/2016 Status 1 : S310 Type 2 : I004 0.1250 $ 4,750.00 $ 0.00 $ 4,750.00 $ 0.00 $ 0.00 0.5000 24 01/Mar/2016 Status 1 : S310 Type 2 : I004 Sustainable Design, Eng and Mgt 31/Mar/2016 6 TOTALS Discount Entrepreneurship for Engineers 31/Mar/2016 6 ENGG5202 $ Amount Paid Mobile Networks 31/Mar/2016 6 ENGG5102 Amount Deferred Fee Amount4 $ 19,000.00 $ 0.00 $ 19,000.00 $ 0.00 $ 01/Mar/2016 0.00 DEFINITIONS 1 Liability Status S310 - Liable - International Fee Paying 2 Liability Type I004 - International - Rate 1 3 EFTSL - Equivalent Full Time Student Load. This is a numeric value, which measures the study load undertaken by a student in a unit of study, semester or year. On this statement, EFTSL is expressed to 4 decimal places, however the Fee Amount is calculated to 9......

Words: 1318 - Pages: 6

Free Essay

Interactive Procedure.Pdf

...Save Reset Print Name(s): Course & Selection: Identifier: Client: Chapter 03: Financial Accounting Exercise 03-02: Basic Financial Accounting Process Single Company Code Version 1 Rev: 01/03/2011 Introduction General Notes and Information It is strongly recommended that you read through the entire exercise prior to starting. Not all instructions can be provided in a linear manner. The following symbols are used to indicate important information as described below: An arrow highlights an important instruction that must not be overlooked. A text box prompts you to type-in an important piece of information. Each student or group will be assigned a unique three digit identifier. This identifier is used in all exercises to uniquely identify your data. Whenever you see ### in these exercises, replace it with your identifier. Always work with your data. Business Process Overview The financial accounting process allows GBI to pay vendors for services or materials acquired. This process can be used to pay for liabilities that GBI has incurred due to normal operations. This exercise is about paying off liabilities within the accounting statements. Chapter 04 Save Reset Print Chapter 03: Financial Accounting Exercise 03-02 Exercise 04-02 Exercise Prerequisites Chapter 04: ProcurementFinancial Accounting Master Data-SCC Exercise 3-1 Process Exercise 04-02: Basic Procurement Process Exercise Single Company Code Workflow Invest in GBI View Account Balances......

Words: 3323 - Pages: 14

Premium Essay

My Statement

...Summary of account activity Account no. Previous balance Payments Other credits Purchases Other debits Fees charged Interest charged 2117-2000-0270-7455 $468.90 -20.00 -245.79 315.46 0.00 0.00 10.07 Payment information New balance Minimum payment due Payment due date PAGE 1 OF 2 $528.64 $16.07 12/12/2012 Late payment warning: If we do not receive your minimum payment by 12/12/2012 you may have to pay up to a $35.00 late fee and your APR may be increased up to the Penalty APR of 29.99%. New balance $528.64 0.00 $500.00 $0.00 11/16/2012 30 Minimum payment warning: Even if you make no more charges Past due amount Credit limit Available credit Statement closing date Days in billing cycle using this card, if you make only the minimum payment each month we estimate you will never pay off the balance shown on this statement because your payment will be less than the interest charged each month. If you make more than the minimum payment each period, you will pay less in interest and pay off your balance sooner. For example if you instead paid $21 per month, you would pay off the balance shown on this statement in around 3 years. For information regarding credit counseling services, call 1-800-284-1706. Your Rewards Program $1 = 1 point Earn 1 point for every dollar you spend on your Elder-Beerman Your Rewards card when you shop in store and online. Your Rewards Totals *Previous points earned: 457 Plus points earned: 67 Plus bonus points......

Words: 2763 - Pages: 12