Definitions for payment
ˈpeɪ məntpay·ment

Princeton's WordNet(4.75 / 4 votes)Rate this definition:

1. payment(noun)

   a sum of money paid or a claim discharged

2. payment, defrayal, defrayment(noun)

   the act of paying money

3. requital, payment(noun)

   an act of requiting; returning in kind

Wiktionary(5.00 / 1 vote)Rate this definition:

1. payment(Noun)

   The act of paying.

2. payment(Noun)

   A sum of money paid in exchange for goods or services.

Wikipedia(0.00 / 0 votes)Rate this definition:

1. Payment

   A payment is the voluntary tender of money or its equivalent or of things of value by one party (such as a person or company) to another in exchange for goods, or services provided by them, or to fulfill a legal obligation. The party making a payment is commonly called the payer, while the payee is the party receiving the payment. Payments can be effected in a number of ways, for example: the use of money, cheque, or debit, credit or bank transfers. the transfer of anything of value, such as stock, or using barter, the exchange of one good or service for another.In general, the payee is at liberty to determine what method of payment he or she will accept; though normally laws require the payer to accept the country's legal tender up to a prescribed limit. Payment is most commonly effected in the local currency of the payee, unless if the parties agree otherwise. Payment in another currency involves an additional foreign exchange transaction. The payee may compromise on a debt, i.e., accept a part payment in full settlement of a debtor's obligation, or may offer a discount, E.G: For payment in cash, or for prompt payment, etc. On the other hand, the payee may impose a surcharge, for example, as a late payment fee, or for use of a certain credit card, etc. Payments are frequently preceded by an invoice or bill, which follow the supply of goods or services, but in some industries (such as travel and hotels) it is becoming common for pre-payments to be required before the service is performed or provided. In some industries, a deposit may be required before services are performed, which acts as a part pre-payment or as security to the service provider. In some cases, progress payments are made in advance, and in some cases part payments are accepted, which do not extinguish the payer’s legal obligations. The acceptance of a payment by the payee extinguishes a debt or other obligation. A creditor cannot unreasonably refuse to accept a payment, but payment can be refused in some circumstances, for example, on a Sunday or outside banking hours. A payee is usually obligated to acknowledge payment by producing a receipt to the payer. A receipt may be an endorsement on an account as "paid in full". The giving of a guarantee or other security for a debt does not constitute a payment.

Webster Dictionary(5.00 / 2 votes)Rate this definition:

1. Payment(noun)

   the act of paying, or giving compensation; the discharge of a debt or an obligation

   Etymology: [F. payment, paiement. See Pay to requite.]

2. Payment(noun)

   that which is paid; the thing given in discharge of a debt, or an obligation, or in fulfillment of a promise; reward; recompense; requital; return

   Etymology: [F. payment, paiement. See Pay to requite.]

3. Payment(noun)

   punishment; chastisement

   Etymology: [F. payment, paiement. See Pay to requite.]

Freebase(5.00 / 1 vote)Rate this definition:

1. Payment

   A payment is the transfer of money from one party to another. A payment is usually made in exchange for the provision of goods, services or both, or to fulfill a legal obligation. The simplest and oldest form of payment is barter, the exchange of one good or service for another. In the modern world, common means of payment by an individual include money, cheque, debit, credit, or bank transfer, and in trade such payments are frequently preceded by an invoice or result in a receipt. However, there are no arbitrary limits on the form a payment can take and thus in complex transactions between businesses, payments may take the form of stock or other more complicated arrangements. In law, the payer is the party making a payment while the payee is the party receiving the payment.

Editors Contribution(0.00 / 0 votes)Rate this definition:

1. payment

   To spend money or a form of currency.

   The payments processed efficiently.

   Submitted by MaryC on March 3, 2020  

British National Corpus

1. Spoken Corpus Frequency

   Rank popularity for the word 'payment' in Spoken Corpus Frequency: #1921

2. Written Corpus Frequency

   Rank popularity for the word 'payment' in Written Corpus Frequency: #2628

3. Nouns Frequency

   Rank popularity for the word 'payment' in Nouns Frequency: #455

How to pronounce payment?

1. Alex

   US English

   Daniel

   British

   Karen

   Australian

   Veena

   Indian

How to say payment in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of payment in Chaldean Numerology is: 1

2. Pythagorean Numerology

   The numerical value of payment in Pythagorean Numerology is: 4

Examples of payment in a Sentence

1. The IRS:

   The payment should never be made directly to an individual or return preparer, most people don't owe the (fine) at all because they have health coverage or qualify for a coverage exemption.

2. Reshma Jagsi:

   It was provided without requiring payment for it, and it was incredibly popular.

3. Lorenza Martinez:

   These unauthorized transfers were originated in the system that connects the institutions to the payment system.

4. The Riksbank:

   The general public no longer having access to any form of central bank money can make it more difficult for the Riksbank to promote a safe and efficient payment system.

5. Dilip Shanghvi:

   Following the mutual decision to withdraw these plans, the payment bank license will not be pursued.

Images & Illustrations of payment

Popularity rank by frequency of use