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Meaning of “pre-payment” in the 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)
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“pre-payment” in Business English

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