Payment Advice
A payment advisory is a money order that the utility issues on its initiative. When a bill is paid in full, the utility sends the consumer a document with the payment amount and the client's bank account information. If the consumer accepts the information on the payment advice, they sign it and mail it to the clearinghouse, giving the customer's bank the dated and signed payment advice, which completes the transaction. Most firms' invoices are constructed so that consumers return a part of the invoice with their payment, known as payment advice, in countries where cheques are still used. In countries where wire transfer is the most popular means of payment, invoices are frequently accompanied by standardised bank transfer order forms that contain a place where the invoice or customer number can be encoded, generally in a computer-readable format. The payer fills out his account information and gives it to a clerk at his bank, who subsequently transfers the funds. When...