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  2. Dictionary

    pay·ment
    [ˈpām(ə)nt]
    noun
    payment (noun) · payments (plural noun)
    1. the action or process of paying someone or something or of being paid:
      "ask for a discount for payment by cash" · "three interest-free monthly payments"
    Origin
    late Middle English: from Old French paiement, from payer ‘to pay’.
    Translate payment to
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  3. People also ask
    What does a payment term mean?A payment term is the time frame set by a company for payment of an invoice. It dictates when payment is due and whether the company offers a discount for early payment. The most common form of payment term is called "net 30", where a payment is due 30 days from the receipt of the invoice.
    What is a payment in banking?A payment is the transfer of money, goods, or services in exchange for goods and services in banking. It can be made in various forms, including services exchanged, cash, check, wire transfer, credit card, debit card, or cryptocurrencies.
    What is a payment in a contract?In a contract, payment is the exchange of something of value between parties. One party makes the payment and receives something else of value in return, while the other party receives the payment for providing a good or service. The most traditional type of payment was through physical currency, but now most payments are made using technology.
    What is Payment in financial transactions?Payment refers to the voluntary transfer of money or other valuable items from one person to another in exchange for goods or services received or to meet a legal obligation. The person making the transfer is called the payer, while the person receiving the transfer is called the payee.
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