4 Replies Latest reply: Oct 14, 2019 7:49 PM by scowol RSS

    Semantics of "Advanced Payment"

    surgerygalore Contributor

      Hello Ladies & Gents,

       

      Following the discussion on Yapstone, Advanced Payments, and trying to understand the concepts and obvious the definitions

      In terms of language, the Semantics

      An analysis of the later follows

       

      Definitions first, a Payment is a good (say currency) that is given by someone that receives a service and/or a good to the entity furnishing them.  In the context at hand, the Payment (please notice capital P) is performed by the guest, the Payor, to both the platform and to the Owner, the Payees.

       

      The intermediary and processor of the Payment (capital P) is Yapstone that itself receives a payment for services rendered by the Owner.  Note that Yapstone does not Pay the Owner in as much it does not receive any service or good from the Owner - it is actually the Owner that pays Yapstone for the service rendered.

       

      So that uniquely identifies the Payment, i.e., the amount paid by the Guest (Payor) to the Owner (Payee)

       

      Advanced in Advanced Payment s the modifier used in the discussions/threads/etc.  But if we agreed on the definition of Payment as presented above, not sure what the Advanced means as associated to the Payment.  The Payment occurs at a date that is antecedent the date of occupancy, the later an irrelevant parameter in the time sequence of the transfer of funds associated to the Payment, transfer that always follows the transfer of funds by the Guset, typically secondary to an Agreement between Owner, payee, and Gust, Payor, agreement for services rendered by the Owner not by Yapstone

       

      So even if we decide to call the transfer of funds from Yapstone a payment, it will be a Delayed payment with respect to the time at which they received the funds for the sole purpose of transferring them to the Owner.

       

      So we are talking of an entity, Yapstone, that decides to delay the Payment made by the Payor as a good faith deposit for services to be rendered by the Payee

      We are therefore talking about a Delayed Payment, certainly not an Advanced one.  Delayed by a processor that has nothing to do with the contractual obligations between Payor and Payee.  A bit like buying a house and the bank of the Buyer of the goods, the house, withholding the transfer to the Agent Escrow Account of the deposit performed as established in the Purchase and Sales Agreement between Buyer and Seller until the deed is actually transferred or until occupancy!

       

      That much for a light divertissement, a digression on semantics!

       

      Cheers everyone and have a good weekend

       

      Gil