Meaning of “pre-payment” in the English Dictionary

business-english dictionary

"pre-payment" in Business English

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pre-paymentnoun [ C or U ]

also prepayment uk us

COMMERCE the act of paying for something before you receive it, or the amount of the payment:

Send your order with pre-payment by cheque.

FINANCE the act of paying back all or part of a debt before you have to:

People didn't discover the prepayment penalties until they tried to refinance their loans.

(Definition of “pre-payment” from the Cambridge Business English Dictionary © Cambridge University Press)