Meaning & Definition of word "Payment"
Payment
/ˈpeɪ. mənt/
noun:
- 1. The action or process of paying someone or something or of being paid.
- Example: The payment for the services rendered was received on time.
- 2. An amount of money that is paid.
- Example: He made a payment of $500 towards his loan.
- 3. A payment made for something that is owed, typically in the context of bills, debts, or purchases.
- Example: The payment for the electricity bill is due at the end of the month.
- 4. The satisfaction or compensation received for a service or work.
- Example: 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 of payment
Meaning: Paying the bills
● Example Sentence: Gotta make sure I'm paying the bills on time!
Meaning: Chipping in
● Example Sentence: We're all chipping in for the dinner payment.