Focus on the pronunciation of overpayment
English definition of “overpayment”
/ˌəʊvəˈpeɪmənt/ noun [C or U]
› FINANCE, BANKING the act of making bigger payments than originally agreed when paying back a loan, or the amount by which someone has paid more: It is important to have a flexible loan that allows overpayment and underpayment. There is no point in making monthly overpayments if your mortgage interest is calculated annually.
› TAX, COMMERCE the act of paying more than is necessary or more than the value of something, or the amount by which someone has paid too much: Any overpayment will be treated as a payment of tax in advance.
› HR, COMMERCE the act of paying someone too much, or the amount by which someone has been paid too much: An employee was compensated for unused vacation twice, resulting in an overpayment of $10,962. → Compare underpayment