payment

[ˈpeɪmənt]

payment Definition

• 1. the act of giving money in exchange for goods or services
• 2. the amount of money that is paid for something

Using payment: Examples

Take a moment to familiarize yourself with how "payment" can be used in various situations through the following examples!

• Example

  I made a payment on my credit card bill.

• Example

  The payment for the car was due yesterday.

• Example

  He received a payment for his work.

• Example

  We accept cash, check, and credit card payments.

payment Synonyms and Antonyms

Synonyms for payment

• remittance
• settlement
• compensation

Phrases with payment

• make a payment

  to pay money that is owed

  Example

  I need to make a payment on my loan.

• late payment

  a payment that is made after the due date

  Example

  If you make a late payment, you may be charged a fee.

• partial payment

  a payment that is less than the full amount owed

  Example

  I can only afford to make a partial payment this month.

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Summary: payment in Brief

The term 'payment' [ˈpeɪmənt] refers to the act of giving money in exchange for goods or services, or the amount of money paid. It includes phrases like 'make a payment,' 'late payment,' and 'partial payment.' 'Payment' is a formal term used in financial contexts.