payment meaning

  • A payment is the transfer of an item of value from one party (such as a person or company) to another in exchange for the provision of goods, services or both, or to fulfill a legal obligation.
  • The simplest and oldest form of payment is barter, the exchange of one good or service for another.
  • In law, the payer is the party making a payment while the payee is the party receiving the payment.

    Definition of payment in English Dictionary

  • NounPLpaymentsSUF-ment
    1. NU The act of paying.
      1. NC A sum of money paid in exchange for goods or services.
        1. “[…] This is Mr. Churchill, who, as you are aware, is good enough to come to us for his diaconate, and, as we hope, for much longer; and being a gentleman of independent means, he declines to take any payment.” Saying this Walden rubbed his hands together and smiled contentedly.
    2. More Examples
      1. Used in the Middle of Sentence
        • Shelters will receive separate payments for their therapists who participate in training ($25/h) and cofacilitate the group counseling sessions ($50/h).
        • When our companies merged, I rewired our payment processing system to handle their invoices as well.
        • Ah, commutation. I knew there was something else. This is where you can commutate your weekly payments into a lump sum and be rid of the “system”.
      2. Used in the Ending of Sentence
        • He was more than willing to extend the terms of the loan, but his boss decided to play hardball and demanded a balloon payment.
    • Part-of-Speech Hierarchy
      1. Nouns
        • Countable nouns
          • Singularia tantum
            • Uncountable nouns
        Related Links:
        1. en payments
        2. en payment card
        3. en payment order
        4. en payment orders
        5. en payment service
        Source: Wiktionary
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        Meaning of payment for the defined word.

        Grammatically, this word "payment" is a noun, more specifically, a countable noun and a singularia tantum.
        Difficultness: Level 1
        Easy     ➨     Difficult
        Definiteness: Level 5
        Definite    ➨     Versatile