* * *
payment pay‧ment [ˈpeɪmənt] noun
1. [countable, uncountable] FINANCE an amount of money that must be or has been paid, or the act of paying it:
• Some suppliers to the company had tightened credit terms, allowing the company only 30 days to make payments.
• $900 million of loans to help the country meet payments (= make them on time ) for energy imports
• Cash discount is an allowance off a debt given to encourage prompt payment (= payment on time ) .
• I enclose a cheque in payment of my account.
• The plan also calls for payment in full to creditors by 31 Dec.
2. [countable, uncountable] FINANCE one of the methods of paying for something, and the act of using one of these methods:
• Buyers made the first payment by letter of credit instead of cash.
• Discounts are given for cash payment.
ˈcredit card ˌpayment also ˈcard ˌpayment
• Some states allow card payments for certain taxes.
2. [countable, uncountable] a regular payment made by the user of a
credit card to a credit card company to pay for what they have bought using the card, and any interest:
• High finance charges are made if customers fail to meet their monthly card payments
3. [countable, uncountable] FINANCE amounts of money paid at the different stages of buying something or being paid for something
adˌvance ˈpayment [countable] FINANCE
a payment made before a product is delivered or a piece of work is completed:
• Many export contracts contain provisions for advance payments to meet the exporter's costs.
the first payment made in the repayment of a large debt, such as a mortgage:
• The mortgage company reduced to 5% the minimum down payment that first-time homebuyers must make.
• Unsecured creditors should agree to accept a down payment of around 35p in the pound.
ˌfinal ˈpayment [countable, uncountable] FINANCE
the last of a series of payments:
• They decided his services were no longer necessary and in May he was given a final payment.
• The airline has received final payment for the sale of its transAtlantic routes.
1. [countable] a payment made to senior members of a business as a reward for hard work:
• Goodwill payments can benefit from tax relief.
2. [countable] a payment made for the
goodwill of a business when it is bought:
• A purchaser will only be able to recover its goodwill payment if the business is a going concern without too many problems.
3. [countable] a payment made by a supplier to a customer because of a problem the customer has had, for example with quality or late delivery of goods
inˈstalment ˌpayment , installment payment [countable, uncountable] FINANCE
one of a series of payments for a debt, loan etc:
• repayment in eight installment payments at six-month intervals
ˈinterim ˌpayment [countable] FINANCE
a payment made while waiting for other payments, or the size of other payments, to be decided:
• The chemical company has made interim payments in some cases while damages are negotiated.
ˈprogress ˌpayment [countable] FINANCE
a payment made for an amount of work already done on something. Sometimes progress payments are made in the form of a loan:
• The Air Force has halted all progress payments on the C-17, pending a cost-performance review.
• Nothing at all has been paid. There has been no payment on account.
5. payment in kind COMMERCE a way of paying for something using goods or services rather than money
6. payment on delivery abbreviation POD also payment on receipt of goods COMMERCE payment that is made at the time when goods are delivered, often made to the person delivering them:
• Sellers prefer payment on delivery, but buyers have a different view.
7. payment on invoice FINANCE payment that is made when a buyer receives an
invoice (= document giving details of goods ordered, their cost, the time allowed for payment etc)
8. payment on statement ACCOUNTING payment that is made when a buyer receives a statement saying how much is owed on an account at an agreed later date
9. [countable] FINANCE money paid to people for the work they do
ˈbonus ˌpayment [countable] FINANCE
a payment made for doing your job better than normal, for example producing or selling more goods than usual:
• GM changed its management bonus payments to stock from cash.
ˈroyalty ˌpayment
1. [countable] FINANCE LAW a payment made to a writer, musician etc that depends on how many of their books, records etc have been sold, played etc:
• a dispute over royalty payments between a publisher and one of its authors
2. [countable] FINANCE LAW a payment made to a company or person that has invented or developed a product by the company that sells it:
• The company will receive royalty payments based on product sales.
a payment made to an employee for the work they have done, especially one who is paid monthly:
• Employees' contributions will be deducted from salary payments by employers.
a payment made to an employee for the work they have done, especially one who is paid weekly:
• A freeze was imposed on wage payments in a large part of the public sector.
10. [countable] FINANCE money paid to people who are ill, unemployed etc
disaˈbility ˌpayment [countable] FINANCE
a payment made to people who are ill, injured etc:
• He hasn't received a penny in disability payments since his accident.
ˌsocial seˈcurity ˌpayment [countable] FINANCE
money taken by the British government from people's wages to pay for the system of payments to people who are unemployed, ill etc:
• high social security payments to finance the state pension system
ˈtransfer ˌpayment [countable] FINANCE
in the US, money given to people by the government which is neither wages, nor payment for goods or services. For example,
social security payments are transfer payments:
• The recession means consumers have been forced to rely more on government transfer payments and interest income.
ˈwelfare ˌpayment [countable] FINANCE
a payment made by the US government to people who are unemployed, ill etc:
• Placing limits on welfare payments has an appeal to taxpayers.
11. [countable, uncountable] FINANCE money paid to
shareholder S, or the repayments of loans, bonds etc to lenders:
• Brazil hasn't made payments on its bank debt in recent months.
• Creditors have also agreed to reschedule payments (= accept later payment ) of senior debt initially due next month.
acˌcelerated ˈpayment [countable, uncountable] FINANCE
a payment made when a borrower is forced to pay back a loan more quickly than originally planned, usually because of the danger of
default (= failure to repay):
• Failure to restructure its debt led its bankers to demand accelerated payments of their loans.
balˈloon ˌpayment [countable] FINANCE
a large final repayment on a
balloon loan (= a loan where there are small repayments during the life of the loan, followed by one or two large repayments):
• News Corp.'s next big debt hurdle is a $2.4 billion balloon payment.
ˈdebt ˌpayment [countable, uncountable] FINANCE
a repayment of a loan, bond etc:
• The company is current on its debt payments (= has made all repayments on time ) .
ˈdividend ˌpayment [countable] FINANCE
a payment of a part of a company's profits to its
shareholder S (= the people who own shares in it):
• Weak dividend payments may be one indication that profits are in a downturn.
ˈinterest ˌpayment [countable] FINANCE
a payment that repays interest on a loan, bond etc, rather than paying off any of the original amount:
• The company lacks cash to make interest payments on its junk bonds.
ˈprincipal ˌpayment [countable] FINANCE
a payment that pays off part or all of the original amount of a loan, bond etc rather than any interest payment:
• The restructuring eliminates all principal payments for 10 years.
12. [countable] money paid to someone to settle a claim, dispute etc:
• Lawyers say that this move is likely to delay the payment of damages to many victims.
compenˈsation ˌpayment [countable] FINANCE
a payment made to someone who has suffered because of someone else's mistake:
• Workers' compensation payments have no limit under most state funds.
a payment made to help someone or as a gift, not because you have a legal duty to make it:
• The government would make ex gratia payments to all investors who had suffered loss, while stressing that it had no legal liability to pay compensation.
— see also balance of payments, part-payment* * *
payment UK US /ˈpeɪmənt/ noun
► [
C] »
For the fiscal year ended February 28 2010, payments from Class A Shares amounted to $1,470.
»
mortgage/insurance/tax payments
»
a deferred/direct/lump-sum payment
»
a maximum/minimum payment
make a payment »
You will face interest charges if you don't make a payment within 30 days.
fall behind on/meet/miss a payment »
If you anticipate missing a payment, call your lender.
»
Any additional payments made to the employee's occupational pension will come from the pension fund.
»
When is the first payment due?
»
a salary/wage payment
»
a pension/redundancy payment
»
bond/interest/loan payments
»
We couldn't afford the monthly payments on the loan once interest rates rose.
► [
U]
immediate/late/prompt payment »
The company will charge for late payment.
»
accept/defer/receive payment
»
a payment plan/system
»
payment terms
»
a payment date/deadline
»
cash/direct debit payment
»
electronic/online payment
payment by cash/credit card »
Some airlines charge for payment by credit card.
»
New methods of payment are being introduced.
»
payment in advance/in full/in instalments
→
See also ACCELERATED PAYMENT(
Cf. ↑
accelerated payment),
BALANCE OF PAYMENTS(
Cf. ↑
balance of payments),
BALLOON PAYMENT(
Cf. ↑
balloon payment),
BONUS PAYMENT(
Cf. ↑
bonus payment),
COMPENSATION PAYMENT(
Cf. ↑
compensation payment),
CREDIT CARD PAYMENT(
Cf. ↑
credit card payment),
DEBT PAYMENT(
Cf. ↑
debt payment),
DISABILITY PAYMENT(
Cf. ↑
disability payment),
DIVIDEND PAYMENT(
Cf. ↑
dividend payment),
DOCUMENTS AGAINST PAYMENT(
Cf. ↑
documents against payment),
DOWN PAYMENT(
Cf. ↑
down payment),
FINAL PAYMENT(
Cf. ↑
final payment),
GOODWILL PAYMENT(
Cf. ↑
goodwill payment),
INSTALMENT PAYMENT(
Cf. ↑
instalment payment),
INTERIM PAYMENT(
Cf. ↑
interim payment),
MILESTONE PAYMENT(
Cf. ↑
milestone payment),
PART PAYMENT(
Cf. ↑
part payment),
PARTIAL PAYMENT(
Cf. ↑
partial payment),
PRINCIPAL PAYMENT(
Cf. ↑
principal payment),
PROGRESS PAYMENT(
Cf. ↑
progress payment),
SOCIAL SECURITY PAYMENT(
Cf. ↑
social security payment),
TRANSFER PAYMENT(
Cf. ↑
transfer payment),
WELFARE PAYMENT(
Cf. ↑
welfare payment)