Definition, Meaning & Synonyms

excess-payment

Noun

ɪkˈsɛs ˈpeɪmənt

Definition

An excess payment refers to a payment that is more than what is required or owed in a transaction.

Examples

After reviewing my account, I noticed an excess payment has been credited to my balance.
The company issued a refund for the excess payment made during the invoice processing.
It’s important to track excess payments to ensure accurate financial reporting.

Meaning

In financial terms, an excess payment occurs when an individual or entity pays beyond their obligations, resulting in surplus funds that may need to be reconciled or refunded.