Prepaying: meaning, definitions and examples
💳
prepaying
[ priːˈpeɪɪŋ ]
financial transaction
Prepaying refers to the act of paying for a product or service before it is due, often in full or in part. This practice can occur in various contexts, such as loans, subscriptions, and utility bills. Prepaying can sometimes lead to discounts or reduced overall costs, depending on the terms set by the provider.
Synonyms
advance payment, prepayment, upfront payment.
Examples of usage
- I decided to prepay my mortgage to save on interest.
- The hotel offered a discount for prepaying the reservation.
- He is prepaying for his monthly subscription service.
Translations
Translations of the word "prepaying" in other languages:
🇵🇹 pré-pagamento
🇮🇳 प्रीपेमेंट
🇩🇪 Vorauszahlung
🇮🇩 pembayaran di muka
🇺🇦 попередня оплата
🇵🇱 zaliczka
🇯🇵 前払い
🇫🇷 prépaiement
🇪🇸 prepago
🇹🇷 peşin ödeme
🇰🇷 선불
🇸🇦 الدفع المسبق
🇨🇿 předplatba
🇸🇰 predplatenie
🇨🇳 预付款
🇸🇮 predplačilo
🇮🇸 fyrirfram greiðsla
🇰🇿 алдын ала төлем
🇬🇪 წინასწარი გადახდა
🇦🇿 öncədən ödəniş
🇲🇽 prepago
Etymology
The term 'prepaying' is derived from the prefix 'pre-', meaning before, and 'pay', which originates from the Old French word 'payer', itself stemming from the Latin word 'pacare', meaning to appease or satisfy. This indicates a payment made prior to receiving services or goods. The concept of prepayment has been present in various cultures, often relating to financial transactions, such as loans and credits, where borrowers can settle part or the entirety of their dues ahead of schedule. The notion has gained traction with the rise of subscription services and digital transactions in recent years, allowing consumers greater flexibility and potentially lower costs while managing their finances.