pay·ment
Pronounced:
/ˈpeɪmənt/
Function:
nounInflected forms:
plural pay·mentsMeaning:
1 [noncount] a : the act of giving money for something : the act of paying ▪ Payment is due on the first of every month. ▪ Prompt payment of your bill ensures that you will not have to pay any additional fees. ▪ We require payment in advance for all goods purchased. ▪ an online/electronic payment system ▪ a payment plan to reduce your debt ▪ He was released from prison on payment of [=after paying] a $5,000 fine. ▪ cash, credit cards, and other methods of payment ▪ I had the bank stop payment on the check. = I had a stop payment (order) put on the check. [=I told the bank not to take money from my account to pay for the check] b : something that is given to someone in exchange for something else ▪ He accepted the tickets as payment (for his services). ▪ We bought them dinner in payment [=as a way of paying them] for all their help.
2 [count] : an amount of money that is paid for something ▪ Our records show that we received a payment of $215.36 in May. ▪ Buy this product for three easy payments of only $19.95! ▪ low monthly payments ▪ It took me five years to pay off the car, but I never missed a payment. ▪ making payments on a loan ▪ Their family is struggling to meet the payments on their house. = They're struggling to keep up (with) their mortgage payments. ▪ The credit card company just increased the penalty on late payments. ▪ She wrote the first three chapters of her book and received an advance payment from the publisher. ▪ cash payments from donors ▪ interest payments on a loan —see also balance of payments, balloon payment, down payment
2 [count] : an amount of money that is paid for something ▪ Our records show that we received a payment of $215.36 in May. ▪ Buy this product for three easy payments of only $19.95! ▪ low monthly payments ▪ It took me five years to pay off the car, but I never missed a payment. ▪ making payments on a loan ▪ Their family is struggling to meet the payments on their house. = They're struggling to keep up (with) their mortgage payments. ▪ The credit card company just increased the penalty on late payments. ▪ She wrote the first three chapters of her book and received an advance payment from the publisher. ▪ cash payments from donors ▪ interest payments on a loan —see also balance of payments, balloon payment, down payment