Simple Definition of payment
: the act of giving money for something : the act of paying
: something that is given to someone in exchange for something else
: an amount of money that is paid for something
Examples of payment
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.
a payment plan to reduce your debt
cash, credit cards, and other methods of payment
Our records show that we received a payment of $215.36 in May.
Buy this product for three easy payments of only $19.95!
It took me five years to pay off the car, but I never missed a payment.
making payments on a loan
The credit card company just increased the penalty on late payments.
First Known Use of payment
PAYMENT Defined for Kids
Definition of payment
1 : the act of giving money for something bought or for a service used
2 : money given to pay a debt <For three years I'll make payments on a car.>
Seen and Heard
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