Definition

1. Noun:
   • The act of paying money: The process of giving money to someone for goods, services, or to settle a debt.
   • A sum of money paid: The actual amount of money that is given or transferred.
   • An act of requiting; returning in kind: (Formal) The act of giving something in return, often as a reward or punishment.

Usage and Examples

• As the act of paying:
  • The payment of the invoice is due within 30 days.
  • She made the payment online using her credit card.
• As the sum of money paid:
  • The monthly payment for the loan is $300.
  • We received a payment of $500 for the consulting work.
• As requital (formal usage):
  • He viewed his community service not as a punishment, but as a payment for his mistake.

Advanced Usage

• "Payment in kind": Payment made in goods or services rather than money.
  • The farmer accepted payment in kind with a portion of the harvested crop.
• "Deferred payment": An arrangement to pay for something at a later date.
  • The store offers a plan with no interest for six months on deferred payments.
• "Payment on account": A partial payment made for something, with the balance to be paid later.
  • The client made a $1000 payment on account toward the total project fee.

Variants and Related Words

• Pay (verb): To give money in exchange for goods or services or to settle a debt.
  • I need to pay the rent by the first of the month.
• Payable (adjective): Required to be paid; due.
  • The bill is payable upon receipt.
• Repayment (noun): The action of paying back a loan.
  • The repayment schedule spans five years.

Synonyms

• Remittance: A sum of money sent, especially by mail, in payment.
• Settlement: The payment of a debt or claim.
• Compensation: Something, typically money, awarded to someone in recognition of loss, suffering, or injury.

Related Phrases and Phrasal Verbs

• To demand payment: To ask for or require payment forcefully.
  • The contractor demanded payment for the completed work.
• To suspend payments: To temporarily stop making payments.
  • The company was forced to suspend payments to its creditors.
• Payment terms: The conditions under which a seller will complete a sale, typically involving the timing and method of payment.
  • Our standard payment terms are net 30 days.

Related Idioms

• "Down payment": An initial partial payment made when buying something on credit.
  • They saved for years to make a 20% down payment on the house.
• "In full payment": Paying the entire amount owed.
  • This check is in full payment of my outstanding balance.
• "Blood money" (Idiomatic): Money paid as compensation for a death, or money obtained at the cost of another's life. (Note: This is a figurative and often negative idiom related to the concept of payment as requital).
  • He refused to accept what he called "blood money" from the corporation responsible for the accident.

Noun

1. an act of requiting; returning in kind
2. the act of paying money
3. a sum of money paid or a claim discharged