Pronunciation

/pəyˈmənt/

Definitions

Noun

A payment is a noun that refers to the act of giving or transferring money, goods, or services in exchange for a product, service, or settlement of a debt. It can also be a sum of money paid regularly, such as rent or salary.

Verb

To make a payment is a verb that involves the act of settling a financial obligation, whether it’s a one-time transaction or a recurring installment.

Adjective

In some cases, “payment” can function as an adjective to describe a specific type of transaction, like a “payment plan” or a “payment method.”

Phrases

• “Make a payment on a loan”
• “Payment in full”
• “Late payment fees”
• “Cash payment” or “Credit card payment”

Example Sentences

• Noun: “The customer made a payment of $500 to cover the damages.”
• Verb: “I need to submit my payment by Friday to avoid any late fees.”
• Adjective: “Many businesses now accept various payment methods, including digital payments.”

Synonyms

• Remittance
• Compensation
• Settlement
• Fee
• Payment installment
• Bill
• Charge

Related Words

• Deposit (a portion paid in advance)
• Deduction (a reduction from a payment)
• Refund (money returned after a payment)
• Transaction
• Invoice (a document requesting payment)