Proof of payment refers to documentation that verifies a financial transaction has occurred. It is commonly required for various purposes, such as refund requests, business expense substantiation, and tax preparation.
Key Facts
- Receipt or Invoice: Obtain a receipt or invoice from the seller, either online or in person. This is the most common way to provide proof of payment.
- Bank Statement: A bank statement can also serve as proof of payment. It should clearly show the following details:
- Your name and account number
- The name of the recipient or their bank (e.g., TransferWise Ltd)
- Date of the transaction
- Amount transferred
- Currency used
- Reference or description of the payment
- Screenshot of Online Banking: If you made the payment through online banking, take a screenshot that includes the necessary information mentioned above. Make sure the screenshot clearly shows your name, account number, and the relevant details of the transaction.
- Additional Requirements: In some cases, additional documentation may be required. For example, if your bank is in Australia or New Zealand, you may need to provide a recent bank statement along with the online banking screenshot.
Methods of Acquisition
Receipts or Invoices
Receipts or invoices are the most common form of proof of payment. They typically include the following information:
- Date of purchase
- Amount paid
- Description of the item or service purchased
- Purchaser’s name
- Seller’s address
How to Obtain:
- Online Purchases: Access your account to view past transactions.
- Physical Purchases: Visit the customer service desk to request a receipt.
Bank Statements
Bank statements provide proof of payment for transactions made through credit cards, debit cards, or checks. They contain the following details:
- Date of transaction
- Amount of transaction
- Name on account
- Address where the transaction occurred
How to Access:
- Paper Statements: Receive mailed statements or access them through online banking.
- Online Statements: Log in to your online bank account.
- Mobile Apps: Download statements using mobile banking apps.
Screenshots of Online Banking
For online banking payments, screenshots can serve as proof of payment. They should include:
- Name and account number
- Recipient’s name or bank
- Date of transaction
- Amount transferred
- Currency used
- Reference or description of the payment
Additional Requirements
In certain cases, additional documentation may be necessary, such as:
- Australia or New Zealand: Recent bank statement in addition to the online banking screenshot.
Conclusion
Proof of payment can be easily obtained through receipts, bank statements, or online banking screenshots. It is essential to retain these documents for record-keeping and to fulfill any necessary financial obligations.
Sources
- What is Proof of Payment? | Wise Help Centre
- Proof of Payment and How Do I Get Mine?
- How to Get Proof of Payment to a Vendor | Small Business – Chron.com
FAQs
What is proof of payment?
Proof of payment is documentation that verifies a financial transaction has occurred.
What are the most common forms of proof of payment?
Receipts, invoices, and bank statements are the most common forms of proof of payment.
How do I obtain a receipt or invoice?
For online purchases, access your account to view past transactions. For physical purchases, visit the customer service desk to request a receipt.
How do I access my bank statement?
You can receive mailed statements, access them through online banking, or download them using mobile banking apps.
What information should be included in a screenshot of online banking?
Screenshots should include your name, account number, recipient’s name or bank, date of transaction, amount transferred, currency used, and reference or description of the payment.
What are some additional requirements for proof of payment?
In some cases, you may need to provide a recent bank statement in addition to an online banking screenshot, such as if your bank is in Australia or New Zealand.
Why is proof of payment important?
Proof of payment is essential for record-keeping, refund requests, business expense substantiation, and tax preparation.
What should I do if I lose my proof of payment?
Contact the seller or your bank to request a duplicate receipt or statement.