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English definition of “payment”

payment

noun
 
 
/ˈpeɪmənt/
[C] an amount of money that has been paid or is expected to be paid: For the fiscal year ended February 28 2010, payments from Class A Shares amounted to $1,470. mortgage/insurance/tax payments a deferred/direct/lump-sum payment a maximum/minimum paymentmake a payment You will face interest charges if you don't make a payment within 30 days.fall behind on/meet/miss a payment If you anticipate missing a payment, call your lender. Any additional payments made to the employee's occupational pension will come from the pension fund. When is the first payment due? a salary/wage payment a pension/redundancy payment bond/interest/loan payments We couldn't afford the monthly payments on the loan once interest rates rose.
[U] the act of paying or being paid a sum of money: immediate/late/prompt payment The company will charge for late payment. accept/defer/receive payment a payment plan/system payment terms a payment date/deadline cash/direct debit payment electronic/online paymentpayment by cash/credit card Some airlines charge for payment by credit card. New methods of payment are being introduced. payment in advance/in full/in instalments
back payment HR money that is paid to an employee because of a pay rise at an earlier time, or the act of paying this money: I am due to receive back payments for the past six months' work. an amount of money owed that has not been paid back by the expected time, or the act of paying this money: Homeowners will be given 90 days to make back payments, to save the home from going to auction. He was being pursued by the tax authorities for back payment of taxes.
payment by results (abbreviation PBR) HR, WORKPLACE a system of paying employees in which the amount paid varies according to the amount of work they do or the profit that is made
payment in kind COMMERCE a way of paying for something using goods and services instead of money: The company agreed that the loan should be settled by payment in kind.
payment on account an amount of money paid that is part of the total amount owed for something, or the act of paying in this way: Tax is also due as the first payment on account for the tax year 2010-11.
payment on delivery (abbreviation POD, also payment on receipt of goods) COMMERCE payment for goods that is received when they are delivered: Many suppliers have begun demanding cash payment on delivery.
payment on invoice COMMERCE payment for goods and services that must be made after the buyer receives an invoice: Terms are payment on invoice within 15 days of invoice date.
→ See also accelerated payment, balance of payments, balloon payment, bonus payment, compensation payment, credit card payment, debt payment, disability payment, dividend payment, documents against payment, down payment, final payment, goodwill payment, instalment payment, interim payment, milestone payment, part payment, partial payment, principal payment, progress payment, social security payment, transfer payment, welfare payment → Compare non-payment
(Definition of payment from the Cambridge Business English Dictionary © Cambridge University Press)
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