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From Longman Dictionary of Contemporary Englishpaymentpay‧ment /ˈpeɪmənt/ ●●● S2 W1 noun  1 [countable] an amount of money that has been or must be paid You can make a payment in any bank. They fell behind on their mortgage payments.2 [uncountable]PAY FOR the act of paying for somethingpayment of There are severe penalties for late payment of taxes.payment in Most hotels here accept payment in dollars. Payment can be made by cheque or credit card. We do accept payment in instalments (=paying in small amounts over a period of time). She demanded payment in advance.in payment for something (=in order to pay for something) cheques received in payment for goods suppliedon payment of something (=when an amount has been paid) Any item can be reserved on payment of a deposit.3 payment in kindCOLLOCATIONSverbsmake (a) paymentHe was supposed to make payments of $250 a month.receive (a) paymentYou will receive a cash payment on your 65th birthday.meet/keep up the payments (on something) (=be able to make regular payments)He was having trouble meeting the interest payments.fall behind on the payments (also fall behind with the payments British English) (=not make payments when you should)I’d run up nearly £4,000 in debt, and was beginning to fall behind with the payments.ADJECTIVES/NOUN + paymenta monthly paymentHome buyers have seen their monthly payments go up by more than 50 percent.a cash payment (=a payment in cash)He provided pills to athletes in return for cash payments.a down payment (=a small payment for something you are buying, when you will pay the rest later)We were able to put a down payment on an apartment.an interest payment (=a payment of interest on a loan)a mortgage payment (=a payment towards a loan on your house)Your mortgage payments could fall if interest rates drop.an interim payment (=a payment that is made before something is finished or settled)It may be reasonable for the builder to ask for interim payments as the work progresses.a bonus payment (=an additional payment because success has been achieved)The team had made illegal bonus payments to players.THESAURUSpayment an amount of money that you pay for something, especially when it is only one part of the total amount you have to payThey have a monthly car payment of £220.instalment British English, installment American English a regular payment you make to pay back money that you have borrowed or to pay for things that you have already receivedI borrowed $2,000, which was to be paid back in monthly installments of $250.deposit (also down payment) part of the cost of something that you pay before you get it, so that it will not be sold to anyone elseThey used the money they inherited as a down payment on a house.The hotel asks for a $20 deposit to reserve a room.subscription an amount of money you pay, usually once a year, to receive copies of a newspaper or magazineA subscription to the magazine is $52 a year.tip a small amount of money that you give someone, for example a waitress or taxi driver, in addition to paying for a service they have given youI usually leave a 10% tip.premium the amount you pay for insurance each yearyour monthly life insurance premiums
Examples from the Corpus
paymentIf the defendant makes a payment into court, the plaintiff may seize it and call quits.Most hotels here only accept payment in dollars.They have a proven record of bonus payments to their with-profits policyholders for every year since 1824.They have a monthly car payment of £220.He received a large cash payment from his Personal Accident Policy.Would it be wiser to use a more conventional vehicle for a down payment?Sixteen companies and around 300 sub-contractors had claimed £85m of extra payments on the £2.3 billion theme park.Your first payment is due on July 16th.Its investors pay households to use these resources as capital, which the investors offer to firms in exchange for payment.penalties for late payment of taxesHe makes monthly payments into his ex-wife's bank account.The family spends about $1,800 a month on their mortgage payments.They refused to make the payment and cancelled her direct debit.Flood victims received a one-time payment of $2,000 from the government.Payment ... madeCovenant payments are made out of your income and are not capital payments.It was necessary to show that the payments were made to benefit the accountants.More than 1.3 million discretionary payments were made in the year in question.This relief will not increase if payments are made to more than one ex-spouse.Eventually, there is a payment to be made when the would-be borrower receives an offer letter.Finally, payment can be made by mail transfer, telegraphic or electronic transfer.The excess should be deducted from the loss and then payment will be made up to the policy limit where applicable.The parcel is then sent, bearing this label, in the ordinary way but without payment being made at the counter.
From Longman Business Dictionarypaymentpay‧ment /ˈpeɪmənt/ noun1[countable, uncountable]FINANCE an amount of money that must be or has been paid, or the act of paying itSome suppliers to the company had tightened credit terms, allowing the company only 30 days to make payments.$900 million of loans to help the country meet payments (=make them on time) for energy importsCash discount is an allowance off a debt given to encourage prompt payment (=payment on time).I enclose a cheque in payment of my account.The plan also calls for payment in full to creditors by 31 Dec.2[countable, uncountable]FINANCE one of the methods of paying for something, and the act of using one of these methodsBuyers made the first payment by letter of credit instead of cash.Discounts are given for cash payment.quarterly paymentsdirect-debit payments credit card payment3[countable, uncountable]FINANCE amounts of money paid at the different stages of buying something or being paid for something advance payment down payment final payment goodwill payment instalment payment interim payment progress payment4payment on accountACCOUNTING a payment that is part of the total payment for something SYN PART-PAYMENTNothing at all has been paid. There has been no payment on account.5payment in kindCOMMERCE a way of paying for something using goods or services rather than money6payment on delivery abbreviation POD (also payment on receipt of goods)COMMERCE payment that is made at the time when goods are delivered, often made to the person delivering themSellers prefer payment on delivery, but buyers have a different view.7payment on invoiceFINANCE payment that is made when a buyer receives an INVOICE (=document giving details of goods ordered, their cost, the time allowed for payment etc)8payment on statementACCOUNTING payment that is made when a buyer receives a statement saying how much is owed on an account at an agreed later date9[countable]FINANCE money paid to people for the work they do bonus payment royalty payment salary payment wage payment10[countable]FINANCE money paid to people who are ill, unemployed etc disability payment social security payment transfer payment welfare payment11[countable, uncountable]FINANCE money paid to SHAREHOLDERs, or the repayments of loans, bonds etc to lendersBrazil hasn’t made payments on its bank debt in recent months.Creditors have also agreed to reschedule payments (=accept later payment) of senior debt initially due next month. accelerated payment balloon payment debt payment dividend payment interest payment principal payment12[countable] money paid to someone to settle a claim, dispute etcLawyers say that this move is likely to delay the payment of damages to many victims. compensation payment ex gratia payment