Payment (noun)
Definition
Payment is a noun that refers to the act or process of giving money or something of value in exchange for goods, services, debts, or obligations. It is the fulfillment of a financial obligation.
Etymology
The word has its origins in the Middle English word paiement, which comes from the Old French word paiement, meaning payment or settlement of a debt. It is derived from the Latin word pacare, which means to pacify or to appease.
Synonyms
- remittance
- compensation
- settlement
- disbursement
- recompense
- restitution
Antonyms
- debt
- arrears
- liability
- nonpayment
- default
Example
After months of hard work and dedication, the artist finally received a substantial payment for her commissioned artwork, making it all the more satisfying to know that her creativity was appreciated.
FAQs (Frequently Asked Questions)
What are the different methods of payment commonly used today?
Common methods include cash, credit/debit cards, bank transfers, mobile payments, checks, and online payment platforms like PayPal and Venmo.
What is the importance of making timely payments on debts and bills?
Timely payments are crucial for maintaining a good credit score, avoiding late fees, and building trust with creditors and service providers.
What is a partial payment?
A partial payment refers to paying only a portion of the total amount owed, often used when a person cannot afford to make the full payment at once.
Are there any risks associated with online payments?
It can have risks such as the potential for data breaches, scams, and fraud. It is essential to use secure platforms and keep personal information safe.
What should I do if I encounter payment issues, such as a failed transaction?
If you encounter payment issues, such as a failed transaction or an incorrect charge, contact the relevant payments provider or financial institution to address the problem and seek resolution.
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