A market economy is characterized by a predominance of cashless payments over cash. This form allows you to achieve significant savings on distribution costs.
Non-cash payments are made by writing to bank accounts, as a result of which funds are debited from the accounts of payers and then transferred to the accounts of recipients.
Such operations are possible after the bank customers open settlement accounts. All payments are made with the consent and by order of the account holders in the order of priority of payments within the limits of cash balances. Market entities have the right to independently choose the forms of such settlements. Payments are made according to the principles of urgency and security (availability of liquid funds to repay these payments).
Cashless payments are carried out on accounts (settlement, current or other) that are opened by all business entities before starting their activities. Any legal entity, regardless of ownership, is required to have a bank account. To open such an account, you must contact the bank with a statement and a package of documents attached to it. Each newly opened account is assigned an individual number, and agreements are concluded with customers on a bank account (cash settlement services).
There are such types of cashless payments as settlements using payment orders, checks, collection orders, payment claims and letters of credit.
Under the agreement, the bank is obligated to credit the funds received to the customer’s account, execute its orders and provide information about all operations on the account. The Bank credits funds received to the client account no later than the day that follows the day of their receipt according to the payment document.
If there are enough funds on the client’s account, then they are debited from him in the order in which the client’s orders and the calendar line for debiting are received.
If there are not enough funds, the cancellation is carried out in the following sequence. First of all, funds are written off according to executive documents on damages or payment of alimony. Then, funds can be written off according to documents providing for the payment of severance pay and wages to persons who work under labor contracts, contributions to funds (PF, MHIF, FSS). Then come payments to the budget and other funds. After this, other monetary claims may be satisfied and debited based on documents of calendar priority.
Cashless payments are without cash, so they are of great importance to accelerate the turnover of funds. Different countries are characterized by their own characteristics of the organization of cashless circulation.
The limit of cash settlements between business entities is set by the Central Bank. Payment for goods in excess of the limit according to the law should be carried out in non-cash form.
Banks transfer money on behalf of their customers using various settlements: through correspondent accounts, inter-branch settlements, using payment settlement systems. The standards and rules for conducting operations with non-cash money are established by the Central Bank.
Non-cash payments can also be made using bank cards.
The advantages of such calculations are the ability to control the movement of funds, expand the banking system and credit opportunities, accelerate the turnover of material resources and cash.
Today, the Russian Federation has already developed a stable system of cashless payments, which is a set of methods for implementing cashless cash circulation in the country.