the act of giving money in exchange for goods or services, the amount of money that is paid for something

make a payment, late payment, partial payment

Formal and Informal Expressions of payment

In different contexts, you can replace 'payment' with suitable alternatives. In a more formal setting, 'remittance, compensation' is apt. In informal speech or writing, 'payoff, tab' is a commonplace synonym.

payment: Explore its Definition & Usage

payment Definition

1the act of giving money in exchange for goods or services
2the 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

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.