Definition, Meaning & Synonyms

pay-a-deposit

phrase

/peɪ ə dɪˈpɒzɪt/

Definition

To make an initial payment that secures a service or product while the remaining amount is paid later.

Examples

To secure your hotel room, you need to pay a deposit of $100.
She decided to pay a deposit on the car to hold it until she could arrange financing.
It’s common to pay a deposit when renting a venue for an event.

Meaning

Paying a deposit is a common practice in various transactions, such as booking accommodations or reserving items, to confirm commitment from both parties.