Definition, Meaning & Synonyms
payment-in-advance
Noun
/ˈpeɪmənt ɪn əˈdvæns/
Definition
A payment made before goods or services are provided.
Examples
- The store requires payment-in-advance for special orders.
- To secure your reservation, a payment-in-advance is necessary.
- Many contractors request payment-in-advance to ensure commitment.
Meaning
This term refers to the requirement that a buyer pays the seller for goods or services before they are delivered or completed.
Synonyms
- Prepayment
- Advance payment
- Upfront payment
