Payment System

Canadians use various “payment instruments” to purchase goods and services, to make
financial investments, and to transfer funds from one person to another. These instruments
include cash, cheques, debit and credit cards, and e-money. Except for cash, payment
instruments involve a claim on a financial institution, such as a bank, credit union or caisse
Populaire. Financial institutions therefore need arrangements to transfer funds among
themselves, either on their own behalf or on behalf of their customers. A payment system is
the set of instruments, technical arrangements, procedures and rules used to transfer these
funds.
There are two payment systems in Canada
• The Large Value Transfer System (LVTS)
• The LVTS is a real-time, electronic wire transfer system that processes large-value, time-
critical payments quickly and continuously throughout the day. Owned and operated by
Payments Canada, the LVTS was launched on February 4, 1999. The system provides
participants and their customers with the certainty that, once a payment message has
passed the system’s risk-control tests, it is final and irrevocable in real time. These
transactions will settle on the books of the Bank of Canada at the end of the day.
• The Automated Clearing Settlement System (ACSS)
• The Automated Clearing Settlement System (ACSS) is owned and operated by Payments
Canada. The ACSS is a deferred net settlement system that clears retail payments,
including paper-based payment items (mostly cheques), pre-authorized debits and
credits, as well as small-value electronic payment items, such as point-of-sale debit card
or automated banking machine transactions. Payment obligations cleared in the ACSS
are settled in the LVTS.
Payments go through two steps:
1. Clearing—the process of transmitting, reconciling and, in some cases, confirming
payment orders prior to settlement. This process can include netting of payments and
the establishment of final positions for settlement.
2. Settlement—the release of payment obligations between two or more parties by
transferring funds between them.
Cryptocurrency
• A cryptocurrency, crypto-currency, or crypto is a collection of binary data which is
designed to work as a medium of exchange wherein individual coin ownership records
are stored in a ledger which is a computerized database using strong cryptography to
secure transaction records, to control the creation of additional coins, and to verify the
transfer of coin ownership
•  Cryptocurrency does not exist in physical form (like paper money) and is typically not
issued by a central authority. Cryptocurrencies typically use decentralized control as
opposed to a central bank digital currency (CBDC).
Bitcoin (₿) is a decentralized digital currency, without a central bank or single administrator,
that can be sent from user to user on the peer-to-peer bitcoin network without the need for
intermediaries.
Bitcoin, first released as open-source software in 2009, is the first decentralized
cryptocurrency. Since the release of bitcoin, many other cryptocurrencies have been
created.

10 method to resolve conflict with customers

1. First and foremost, listen. Do not try to talk over the customer or argue with them. Let
the customer have their say, even if you know what they are going to say next, that they
don't have all the information or that they are mistaken. As you listen, take the
opportunity to build rapport with the customer.

2. Build rapport through empathy. Put yourself in the customer's shoes. Echo the source
of their frustration and show that you understand their position and situation. If you can
empathize with a customer's problem, it will help calm them down.

3. Lower your voice. If the customer gets louder, speak slowly, in a low tone. Your calm
demeanor can carry over to them and help them to settle down. As you approach the
situation with a calm, clear mind, unaffected by the customer's tone or volume, their
anger will generally dissipate.

4. Respond as if all your customers are watching. Pretend you are not talking only to the
customer but to an audience that is watching the interaction. This shift in perspective
can provide an emotional buffer if the customer is being verbally abusive and will allow
you to think more clearly when responding. Since an unruly customer can be a negative
 referral, assume they'll repeat the conversation to other potential customers; this
mindset can help you do your best to address their concerns in a calming way.

5. Know when to give in. If it is apparent that satisfying a rude customer is going to take
two hours and a bottle of aspirin and still result in negative referrals, it may be better to
take the high road and compromise in their favor. This will give you more time to
nurture other, more productive customer relationships. Keep in mind that the
interaction is atypical of customers and you're dealing with an exception.

6. Stay calm. If the customer is swearing or being verbally abusive, take a deep breath and
continue as if you didn't hear them. Responding in kind will not solve anything, and it
will usually escalate the situation. Instead, remind the customer that you are there to
help them and are their best immediate chance of resolving the situation. This simple
statement often helps defuse the situation.

7. Don't take it personally. Always speak to the issue at hand and do not get personal,
even if the customer does. Remember that the customer doesn't know you and is just
venting frustration at you as a representative of your company. Gently guide the
conversation back to the issue and how you intend to resolve it.

8. Remember that you're interacting with a human. Everyone has an occasional bad day.
Maybe your rude customer had a fight with their spouse, got a traffic ticket that
morning or had a recent run of bad luck. We've all been there, to some degree. Try to
empathize and make their day better by being a pleasant, calming voice – it'll make you
feel good, too.

9. If you promise a callback, call back! Even if you promised an update that you don't have
yet, call the customer at the scheduled time anyway. The customer will be reassured
that you are not trying to dodge them and will appreciate the follow-up.

10. Summarize the next steps. At the end of the call, let the customer know exactly what to
expect, and then be sure to follow through on your promises. Document the call to
ensure you're well prepared for the next interaction.