Excise takes part of its meaning from the prefix ex-, out. A writer may excise long passages of a novel to reduce it to a reasonable length, or a film director may excise a scene that might give offense. A surgeon may excise a large cancerous tumor, or make a tiny excision to examine an organ's tissue. Excise is also a noun
DEFINITION of 'Payment'. The transfer of one form of good, service or financial asset in exchange for another form of good, service or financial asset in proportions that have been previously agreed upon by all parties involved.Payment can be made in the form of funds, assets or services. Next Up.ayment can be made in the form of funds, assets or services.
A payment system is any system used to settle financial transactions through the transfer of monetary value, and includes the institutions, instruments, people, rules, procedures, standards, and technologies that make such an exchange possible.hese include debit cards, credit cards, electronic funds transfers, direct credits, direct debits, internet banking and e-commerce payment systems. Some payment systems include credit mechanisms, but that is essentially a different aspect of payment.