Entry Word: remittance

Function: noun

Meaning: 1 something (as money) that is given or received in return for goods or services <always mails in her remittance on time so she wonʼt ever be charged a late fee on her electric bill> — see payment 2
2 the act of offering money in exchange for goods or services <the remittance of your outstanding balance is required before you can make more purchases> — see payment 1