in Commerce, is commonly applied to the sum allowed by the seller to the buyer for ready money payment, and is generally a deduction of a certain percentage on the principal for the usual term of credit. It is customary for persons in business to take bills or promissory notes for monies due, payable to them or their order at a certain date; and if they have occasion for money before the time is elapsed, they get these bills or notes discounted or cashed by a banker before the time of payment. Bills of exchange are also discounted by bankers; and in this consists one article of the profits of banking.