Definition

Noun 1. Prompt payment for goods or services in currency or by check: The act of settling a financial obligation at once, without delay, using cash, its equivalent, or a check, as opposed to using credit or deferred payment terms.

Usage

This term is used in commercial, retail, and financial contexts to specify a transaction condition where payment is required at the point of sale or upon delivery, rather than at a later date. - It is often contrasted with terms like "credit payment," "installment plan," or "net 30 days." - It emphasizes the immediacy and form of the settlement.

Examples

• The supplier requires immediate payment upon delivery of the materials.
• For this special offer, immediate payment via cash or debit card is necessary to secure the discounted price.
• The invoice clearly stated that immediate payment was expected to avoid service interruption.

Advanced Usage

• "To demand immediate payment": To require payment without any delay.
  • The landlord demanded immediate payment for the overdue rent.
• "Subject to immediate payment": A condition where a transaction is only valid if payment is made at once.
  • All sales from the clearance rack are subject to immediate payment.

Variants and Related Words

• Cash on delivery (COD): A specific method of immediate payment where payment is made when goods are delivered.
• Prompt payment: A very close synonym, often used interchangeably, though it can sometimes imply payment soon after an invoice is received rather than literally at the moment of transaction.
• Spot payment: Payment made immediately on the spot.

Synonyms

• Cash payment
• Prompt settlement
• On-the-spot payment

Antonyms

• Deferred payment
• Credit payment
• Installment payment

Related Phrases

• "Payment in advance": Payment made before goods are received or services are rendered.
• "Payable on receipt": Indicating that payment is due as soon as the invoice or goods are received.

Noun

1. prompt payment for goods or services in currency or by check