deferred payment
Definition
- Noun:
- An arrangement allowing for the payment for goods or services at a later date: A formal agreement or plan where the full cost of something purchased is not paid immediately but is instead paid in full or in installments after a specified period.
Usage
- This term is used in financial, commercial, and retail contexts to describe a specific payment plan. It is a formal business term.
- It typically refers to a single, agreed-upon future payment or a series of scheduled payments (installments) for a single purchase.
- Common contexts include purchasing expensive items (like furniture or electronics), business-to-business transactions, or certain types of loans.
Examples
- Noun:
- The store offered a deferred payment plan with no interest for six months.
- We agreed on a deferred payment, with the full amount due in 90 days.
- The contract includes a clause for deferred payment in case of cash flow issues.
Advanced Usage
- "to buy something on deferred payment": to purchase an item with an agreement to pay later.
- They bought the new machinery on deferred payment.
Variants and Related Words
- Deferral (n): The action of delaying or postponing something, such as a payment.
- The deferral of the tax payment was granted.
- Installment plan (n): A specific type of deferred payment where the total cost is paid in regular partial payments over time.
- He is paying for his car on an installment plan.
Synonyms
- Credit arrangement: An agreement to receive goods or services now and pay for them later.
- Delayed payment: Payment that is postponed to a later date.
Related Phrases
- Buy now, pay later: A common marketing phrase for deferred payment offers, especially in consumer retail.
- Many online stores promote a "buy now, pay later" option at checkout.
Noun
-
arrangement for deferred payment for goods and services
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