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    Payment

    /ˈpeɪ. mənt/

    Meaning & Definition

    noun
    The action or process of paying someone or something or of being paid.
    The payment for the services rendered was received on time.
    An amount of money that is paid.
    He made a payment of $500 towards his loan.
    A payment made for something that is owed, typically in the context of bills, debts, or purchases.
    The payment for the electricity bill is due at the end of the month.
    The satisfaction or compensation received for a service or work.
    Freelancers often worry about the promptness of payment for their projects.

    Etymology

    From Old French 'paiment', from Latin 'pensio', meaning' a weighing out, payment'.

    Common Phrases and Expressions

    final payment:
    The last installment of a payment plan.
    made payment:
    Completed the action of paying.
    payment plan:
    An arrangement to pay in installments.

    Related Words

    refund
    Money returned to the payer.
    receipt
    A document acknowledging the receipt of payment.
    invoice
    A document requesting payment for goods or services.

    Slang Meanings

    Paying the bills
    Gotta make sure I'm paying the bills on time!
    Chipping in
    We're all chipping in for the dinner payment.