Definition, Meaning & Synonyms

additional-payment

noun

/əˈdɪʃ.ən.əl ˈpeɪ.mənt/

Definition

An extra amount of money paid over what is normally required.

Examples

If you make an additional payment on your mortgage, you can pay it off faster.
Many companies allow for additional payments on invoices to avoid late fees.
The customer was pleased to learn they could make an additional payment towards their account balance.

Meaning

An additional payment refers to any extra funds provided in a transaction, often beyond the initial agreed-upon amount. This can happen in various contexts, such as loan repayments, service fees, or contractual agreements.