Definition, Meaning & Synonyms
advance-payment
noun
/ədˈvæns ˈpeɪmənt/
Definition
An advance payment is a payment made before the actual delivery of goods or services.
Examples
- Many companies require an advance payment before starting the project.
- She made an advance payment to secure her booking at the hotel.
Meaning
It implies that the customer pays in advance, often partially or fully, for products or services that will be provided at a later date.
Synonyms
- prepayment
- deposit
- upfront payment
