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English definition of “service”

service

verb [T]
 
 
/ˈsɜːvɪs/
FINANCE to make regular payments to pay back a debt or loan, including interest: As growth slowed and prices fell, borrowers were unable to service their debts. The country is still spending $3 million a week servicing debt, twice what it spends on healthcare.
FINANCE to collect and keep records of payments from a person or organization that has borrowed money: We service about 350,000 mortgage loans.
to examine a machine and repair any damaged parts: I'm taking the car in to have it serviced. The 10-year contract involves servicing 11 gas turbines on three deep-water platforms in the Gulf of Mexico.
COMMERCE to provide a service to someone: service an industry/market We hope to achieve greater efficiency and be better able to service customers.
→ See also servicing
(Definition of service verb from the Cambridge Business English Dictionary © Cambridge University Press)
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