...Institutionalizing Electronic Payment (e-payment) Systems in Ghana |Prince Kwame Senyo | | |University of Ghana | | |kpsenyo@gmail.com | | INTRODUCTION Technological advancement has caught up with us in the developing world and there is a need to rapidly change and focus on how best we can make optimum use of this opportunity. Payment for goods and services have been simplified and expedited by the introduction of new technological innovations. Statistics from the World Payment Report (2011) indicates there is a global increase in the volume of non-cash payments transactions by 5% in 2009 to 260 billion in 2011. The payment for goods and services in Ghana is mostly cash based and characterized by long queues and delays. A study by Abor (2004) pointed out that, before the introduction of electronic payment in Ghana customers will have to go to their banks to perform all transaction and with the long queues in most of our banks, payment became a problem. Heeks (2002) described information system in developing economies like Ghana as questionable and coupled with different challenges. However,...
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...Jacorey Williams Analysis of Electronic Payment Systems Electronic commerce transactions can be classified in many ways. The three major electronic commerce categories that we have read about are business-to-consumer e-commerce, business-to business e-commerce, and consumer-to-consumer e-commerce. Business-to-consumer (B2C) is an electronic commerce that involves retailing products and services to individual shoppers. BarnesandNoble.com is an example of B2C e-commerce. Business-to business (B2B) is an electronic commerce involves sales of goods and services among businesses. ChemConnect’s Web site for buying and selling chemicals and plastics is an example of B2B e-commerce. Consumer-to-consumer (C2C) is an electronic commerce involves consumers selling directly to consumers by auctioning their merchandise off to the highest bidder, or for a fixed price. Craigslist is the most widely used platform used by consumers to buy from and sell directly to others. Internet technology supports business-to-business by helping reduce cost and provides more flexible platform for linking to other firms. Business are also able to extend digital technology to a wider range of activities and broaden their circle of trading partners. It also enables companies to locate suppliers, solicit bids, place orders, and track shipments in transit electronically. Net marketplaces provide a single, digital marketplace for many buyers and sellers. Private industrial networks link a firm with its...
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...major types of electronic commerce are business-to-consumer, business-to-business, and consumer-to-consumer. Business-to-consumer (B2C) is selling products and services to individual shoppers. Barnes&Noble.com is an example of business-to-consumer electronic commerce. Business-to-business (B2B) involves the sale of goods and services among businesses. Millpro.com provides business-to-business electronic commerce. Consumer-to-consumer (C2C) involves consumers selling directly to consumers. An example of consumer-to-consumer electronic commerce is eBay.com. Electronic commerce transactions can also be classified based on the participants’ physical connections to the Web. Participants can use wired networks or mobile commerce. ( HYPERLINK "http://www.angelfire.com/rebellion2/jsmith/case_4.html" http://www.angelfire.com/rebellion2/jsmith/case_4.html) Some types of electronic payment systems are Digital Wallets, Micropayment Systems, Accumulated Balance Digital Payment Systems, Stored Value Payment Systems, Digital Checking Systems, and Electronic Billing Presentment and Payment Systems. Digital Wallets make payment by credit card easier and faster by storing the card holder's information securely. When each transaction is made, the card holder does not have to enter their information over and over again. An example is google checkout. Micropayment Systems have been made for purchases under 10 dollars, and Accumulated Balance Digital Payment Systems are used...
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...What is eFPS ? eFPS stands for Electronic Filing and Payment System, and it refers to the system developed and maintained by the Bureau of Internal Revenue (BIR) for electronically filing tax returns, including attachments, if any, and paying taxes due thereon, specifically through the internet. What is e-Filing? e-Filing is the process of electronically filing returns including attachments, if any, specifically through the internet. What is e-Payment? e-Payment is the process of electronically paying a tax liability through the internet banking facilities of Authorized Agent Banks (AABs). Why do we need to use eFPS? What are its objectives? With eFPS, taxpayers can avail of a paperless tax filing experience and can also pay their taxes online through the convenience of an internet-banking service via debit from their enrolled bank account. In addition, since eFPS is available on the Internet, taxpayers can file and pay for their taxes anytime, anywhere as long as he or she is using a computer with an internet connection. What are the expected benefits of the system? The eFPS is: - Convenient to use - it is quick and simple to use, as well as secure. - Interactive - information exchange is immediate and online, users get immediate feedback from the system when enrolling, e-filing or performing e-payments. - Self-validating - errors are minimized because all of the information supplied by the taxpayer is validated before final submission. - Fast - response...
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...to each person who signs this contract as a buyer or co-buyer, and to any assignee of this contract. The words "Seller", "we", "our", and "us" refer to the party who made the sale or any assignee currently holding the contract. We agree to sell and you agree to buy the goods and/or services described below in accordance with all terms on both sides and all pages of this contract. Telephone You are giving a security interest in the goods and/or services purchased. You are giving a cash security deposit totaling $________________ to secure your obligations hereunder. 1,320.00 Late Charge: If a payment is more than 10 days late, we may charge you a delinquency fee of 5% of the overdue installment or such amount as permitted by law from time to time. We will only charge you fo r one delinquency per late payment. We will not charge you a late fee for payments timely received under a written extension or deferral contract. Prepayment: may If you pay off this contract early, you will not have to pay a minimum finance charge or other penalty. DESCRIPTION OF GOODS AND/OR SERVICES PURCHASED AS PART OF A RETAIL INSTALLMENT CONTRACT OR OBLIGATION: mammaplasty;mastopexy;lipoplasty; ITEMIZATION OF AMOUNT FINANCED (a) Cash Price (b) Sales Tax (A) TOTALCASH PRICE = (a + b) (c) Other Items to be Financed (if applicable) - amounts owed to public officials (fees), insurance, and other charges in addition to those listed above Item: Origination Fee Item: $ 0.00 $87.12...
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...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...
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...cash and checks will no longer exist. A new form of funds transferal will become common such as the use of credit cards or more generally e-money. In today’s digital world, money is becoming much more a concept then a physical entity. People are using credit cards and debit cards and other kinds of electronic payments more and more everyday in order to pay for different goods & services. Still, it is part of the human nature to need a tangible mean of payment. You can count cash with your hands, you can feel it. In fact, it would be very difficult to make people trust in digital money as the only form of currency. On another hand, the cashless society has many opposants who’s biggest concern is the invasion of individual intimacy for money is untraceable, anonymous and negotiable whereas digital payments are completely the opposite, every transaction is recorded; marketing firms and governments are already using gathered information and data about internet users and people are afraid of how this information being used. However, this has some advantages such as being able to track down terrorists, drug dealers and black markets because the only mean of payment would be electronic. My last point will be about that fact that a cashless society would rely on information systems and technology. This makes digital money a sword with two edges since it is true that it facilitates transactions and fund channeling but this whole system could collapse if there were to be some kind...
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...case in detail. The extreme view is that the optimal level of NWC is zero. This is based on the premise that working capital is an idle resource that provides little or no value to the stockholders. Research shows that there is a positive relationship between a reduction in working capital and stockholder wealth. However, is it possible for a firm to operate without any investment in working capital? It depends, probably not. Some investment in working capital acts as a shock absorber and reduces the firm’s risk and the cost of capital. 2. Describe the three motives for holding cash. Managers have a transactions motive to hold cash when expenses are unsynchronized with cash inflows. In this case cash provides a medium to fulfill payments in lieu of liquidating long-term assets. Thus, cash can reduce transaction costs and opportunity costs that stem from lost returns due to early liquidation. The transactions motive for holding cash is important for firms with unsynchronized cash inflows and outflows. Managers may hold cash for precautionary purposes because cash can buffer against unexpected contingencies or cash flow shortages; realized cash inflows may be less than expected. Precautionary cash holdings provide funding for purchases and repayment of debt, which are even more critical during tight credit periods when external capital is more difficult to acquire. Managers also have a speculative motive because cash holdings allow for the acquisition of positive net...
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...Substantive Procedures for Cash Outflow Irregularities Substantive Procedures for Cash Outflow Irregularities Apollo Shoes has recognized that there is a risk of loss due to irregularities in cash outflows, accounts payable, and payroll. Substantive procedures for cash outflows, accounts payable, and payroll are needed to detect irregularities in each of these. Failure to implement appropriate procedures will lead to loss irregularities. Substantive Procedures to Evaluate Cash Irregularities Substantive procedures for detecting irregularities in the cash cycle follow normal audit procedures of testing internal controls over cash and by collecting and evaluating audit evidence are needed. Following instruction set forth by Joe Bootwell, Chief Financial Officer (CFO), Karina Ramirez, Director of Internal Audit, established the following procedures for testing cash irregularities (University of Phoenix, 2013). 1. Cash receipt procedures. Confirm that persons receiving cash are authorized. Evaluate mailroom cash receipt procedures. Confirm that surveillance cameras are recording properly. Confirm pre-numbered receipts are issued. Evaluate procedures for out of sequence receipts. Confirm cash deposits are made by a person other than those approved to receive cash. Confirm deposit reconciliations are made by a person other than the persons receiving and depositing cash. 2. Cash receipts are deposited daily and are in complete (Louwers, et al, 2011)...
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...officer – accountant of the school. 2. Main function is to report to the ball of trustees and auditor etc... 3. 3 Business is done by internet banking = Liz and Mii, and over the counter and by EFTPOS. 4. Electronic – EFTPOS/Direct credit – internet banking/Cash Register 5. Electronic is safer and people can’t take it easily – Proof – Direct Credit. 6. Electronic it’s safer/credit cards aren’t safe. 7. Every day the till will recode everything. EFTPOS machine, both equals the cash received. 8. Received a receipt = Ticket etc…Cash is very easy to abuse. 9. Till tape = EFTPOS report we do cash accountant = banking and print out every day. 10. Separate the job of banking, one person entering system; two people count the money and one person entering. 11. Access is very limited, stored in a lock box inside the safe. Two people can access and one person has to key the box. Cash payment Cash payment 1. Twenty month creditor/manual payments = Tracy. 2. We must have a purchase order. Tax invoice – special stamp = area budget holder must have an invoice = glued = verified by principal. 3. They don’t do cash payment, electronic payments and Petty cash is under $40.Incorrect source documents do not received payment and verifying process = into system: cheque done again = a lot of stage it must pass through. 4. Cash is locked up and also her and her team make sure that everything is secure. Once everything verified than that it...
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...Americans are also not saving money for incidents or emergencies. For instance the primary vehicle breaks down. There is no savings, what will he or she do? Get a loan? Use the credit card? Or perhaps borrow money? By not having a savings this will cause the person to be in debt. Because of the ease of obtaining credit cards and convenience Americans have generally become more irresponsible with their money. It can be easy for Americans to get into a large amount of credit card debt. After acquiring one credit card with a low credit limit the card holder can make a small purchase, then make small monthly payments on the amount charged. After making the on time payments, the credit company will often raise the credit limit allowing a larger dollar amount to be charged. This is fine, as long as the credit card holder continues to make the monthly payments. As the monthly payments are made the credit card holder’s credit score is on the rise. This could raise the limit on the card so that a larger amount can be charged on the card. This will also give the credit card holder more chances to apply for new credit cards. Some Americans can end up with more than five different credit cards, allowing their debt to accumulate very quickly. In the event that the card holder loses their source of income he or she will have no way of keeping up with the amount due on a monthly basis. In some cases Americans begin to use one credit card to pay off another, causing a chain reaction of debt that...
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...Motives for Holding Cash John Maynard Keynes suggested three reasons for individuals to hold cash.1 Keynes labeled these motives as follows: transactions, speculative, and precautionary. Shifting the emphasis away from individuals, we can use these three categories to describe the motives for corporations to hold cash. Motives for holding cash: l Transactions motive: to meet payments, such as purchases, wages, taxes, and dividends, arising in the ordinary course of business. l Speculative motive: to take advantage of temporary opportunities, such as a sudden decline in the price of a raw material. l Precautionary motive: to maintain a safety cushion or buffer to meet unexpected cash needs. The more predictable the inflows and outflows of cash for a firm, the less cash that needs to be held for precautionary needs. Ready borrowing power to meet emergency cash drains also reduces the need for this type of cash balance. It is important to point out that not all of the firm’s needs for cash call for holding cash balances exclusively. Indeed, a portion of these needs may be met by holding marketable securities (cash-equivalent assets) and by maintaining unused borrowing capacity (e.g., bank lines of credit). For the most part, firms do not hold cash for the purpose of speculation. Consequently, we concentrate only on the transactions and precautionary motives of the firm, with these needs being met with balances held both in cash and in marketable securities...
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...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...
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...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 earned:...
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...of these ratios will direct management on key focus areas like accounts receivables, inventory turnover and payroll; all components that go into working capital management. To focus in a on one key area, we will look at accounts receivables. Accounts receivables is money owed to an organization from a consumer. There are several ways that different companies may choose to manage accounts receivables but there is one new trend that is sweeping the nation, PAYMODE X. PAYMODE X is the “largest and fastest growing settlement network that enables payers to migrate from paper to electronic payments and invoicing while providing vendors with faster payment and electronic remittance data. With over 270,000 members processing over $141 billion per year, PAYMODE X is quickly becoming the means by which businesses prefer to pay and get paid.” (Paymode X, 2014) Consumers defaulting on their payments continues to be an issue in the economy today and it leads to accounts going delinquent and eventually being sent over to a collection account. PAYMODE X will help mitigate this epidemic where it can help get the funds from the consumer to the...
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