English

Definition of payment noun from the Oxford Advanced Learner's Dictionary

      

    payment

     noun
    noun
    BrE BrE//ˈpeɪmənt//
     
    ; NAmE NAmE//ˈpeɪmənt//
     
    Cost and payment, Online shopping
     
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  1. 1  [uncountable] payment (for something) the act of paying somebody/something or of being paid payment in instalments/in advance/by cheque/in cash There will be a penalty for late payment of bills. What method of payment do you prefer? See related entries: Cost and payment, Online shopping
  2. 2  [countable] payment (for something) a sum of money paid or expected to be paid a cash payment They are finding it difficult to meet the payments on their car. He agreed to make ten monthly payments of £50. Synonymspaymentpremium contribution subscription repayment deposit instalmentThese are all words for an amount of money that you pay or are expected to pay, or for the act of paying.payment an amount of money that you pay or are expected to pay; the act of paying:ten monthly payments of $50 payment in advancepremium an amount of money that you pay once or regularly for an insurance policy; an extra payment added to the basic rate; a higher amount of money than usual:an insurance premium a premium for express deliverycontribution a sum of money that you pay regularly to your employer or the government in order to pay for benefits such as health insurance, a pension, etc:You can increase your monthly contributions to the pension plan.subscription an amount of money you pay in advance to receive regular copies of a newspaper or magazine or to receive a service:a subscription to ‘Newsweek’repayment (British English) an amount of money that you pay regularly to a bank, etc. until you have returned all the money that you owe; the act of paying this money:the repayments on the loandeposit an amount of money that you pay as the first part of a larger payment:We’ve put down a 5% deposit on the house.instalment one of a number of payments that you make regularly over a period of time until you have paid for something:We paid for the car by/​in instalments.Patterns (a/​an) annual/​monthly/​regular payment/​premium/​contributions/​subscription/​repayment/​deposit/​instalment payment/​repayment in full to pay a(n) premium/​contribution/​subscription/​deposit/​instalment to make a payment/​repayment/​deposit to meet/​keep up (with) (the) payment(s)/the premiums/(the) repayment(s)/the instalments CollocationsFinanceIncome earn money/​cash/(informal) a fortune make money/​a fortune/(informal) a killing on the stock market acquire/​inherit/​amass wealth/​a fortune build up funds/​savings get/​receive/​leave (somebody) an inheritance/​a legacy live on a low wage/​a fixed income/​a pension get/​receive/​draw/​collect a pension depend/​be dependent on (British English) benefits/(North American English) welfare/​social securityExpenditure spend money/​your savings/(informal) a fortune on… invest/​put your savings in… throw away/​waste/ (informal) shell out money on… lose your money/​inheritance/​pension use up/ (informal) wipe out all your savings pay (in) cash use/​pay by a credit/​debit card pay by/​make out a/​write somebody a/​accept a (British English) cheque/(US English) check change/​exchange money/​currency/(British English) traveller’s cheques/(US English) traveler’s checks give/​pay/​leave (somebody) a depositBanks have/​hold/​open/​close/​freeze a bank account/​an account credit/​debit/​pay something into/​take money out of your account deposit money/​funds in your account withdraw money/​cash/£30 from an ATM, etc. (formal) make a deposit/​withdrawal find/​go to/​use (especially North American English) an ATM/(British English) a cash machine/​dispenser be in credit/​in debit/​in the black/​in the red/​overdrawnPersonal finance manage/​handle/​plan/​run/ (especially British English) sort out your finances plan/​manage/​work out/​stick to a budget offer/​extend credit (to somebody) arrange/​take out a loan/​an overdraft pay back/​repay money/​a loan/​a debt pay for something in (especially British English) instalments/(usually North American English) installmentsFinancial difficulties get into debt/​financial difficulties be short of/ (informal) be strapped for cash run out of/​owe money face/​get/ (informal) be landed with a bill for £… can’t afford the cost of…/payments/​rent fall behind with/ (especially North American English) fall behind on the mortgage/​repayments/​rent incur/​run up/​accumulate debts tackle/​reduce/​settle your debts see also balance of payments, down payment See related entries: Cost and payment
  3. 3  [uncountable, singular] payment (for something) a reward or an act of thanks for something you have done synonym recompense We'd like you to accept this gift in payment for your kindness. Is this all the payment I get for my efforts?
  4. Word Origin late Middle English: from Old French paiement, from payer ‘to pay’.Extra examples All families of the victims will receive a one-off payment of $100 000. Companies deduct interest payments from their taxable income. Credit cards are accepted in payment for virtually anything. Do you accept payment by credit card? He demanded payment in full of the $300 000 owed to him. He requested $8 000 in payment. He was released on payment of the ransom. How do you want to make payment—by cheque or in cash? I enclose $65.50, in full payment of the bill. I have authorized the bank to stop payment of the cheque. I made the payment in cash. It was my job to collect payment for the trip. My client was unable to meet her rent payments. She was finding it difficult to make even the minimum payment on her credit card. She wrote out a cheque in payment of the fees. Some mortgage plans offer a bimonthly payment schedule. The buyer is required to enter a code to authorize payment. The company guaranteed royalty payments of at least $590 million. The department makes payments to farmers for providing improvement to water quality. The hostel requires full payment in advance. The only way to guarantee payment is to sign a contract. We may have to defer payment for a week. You could lower your monthly mortgage payments by $160. a generous payment for his services an extra $9 million in interest payments measures designed to reduce the balance of payments deficit payment for work done payment to the company from its customers payments to the landlord from his tenants penalties for late payment of tax He agreed to make ten monthly payments of £50. The builders demanded payment in advance. There will be a penalty for late payment of bills. They are finding it difficult to meet the payments on the new car. What method of payment do you prefer?Idioms
    on payment of something
     
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    when something has been paid Entry is only allowed on payment of the full registration fee.
See the Oxford Advanced American Dictionary entry: payment