A single payment refers to a one-time financial transaction in which the full amount owed is paid at once, instead of through installments or multiple transactions.
For example, if you purchase a product for $100 and pay for it all at once, that is a single payment. This contrasts with payment plans where the amount is divided into smaller sums to be paid over time. Single payments are often preferred for their simplicity and clarity, making it easier for both the buyer and the seller to manage financial agreements.