Prepayment: meaning, definitions and examples
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prepayment
[ ˈpriːˌpeɪmənt ]
financial
A payment made in advance before receiving goods or services. It is a way for businesses to secure future services or products.
Synonyms
advance payment, deposit, down payment
Examples of usage
- The company requested a prepayment before starting the project.
- The prepayment was necessary to secure the booking.
business
An amount of money paid before the work is done, often to cover initial expenses or as a guarantee of commitment.
Synonyms
advance fee, upfront payment
Examples of usage
- We require a prepayment of 50% before we begin production.
- The prepayment ensures that the client is serious about the project.
Translations
Translations of the word "prepayment" in other languages:
🇵🇹 pré-pagamento
🇮🇳 पूर्व भुगतान
🇩🇪 Vorauszahlung
🇮🇩 pembayaran di muka
🇺🇦 передоплата
🇵🇱 przedpłata
🇯🇵 前払い (maebarai)
🇫🇷 prépayement
🇪🇸 prepago
🇹🇷 ön ödeme
🇰🇷 선불 (seonbul)
🇸🇦 الدفعة المقدمة
🇨🇿 předplatba
🇸🇰 predplatenie
🇨🇳 预付款 (yùfùkuǎn)
🇸🇮 predplačilo
🇮🇸 fyrirframgreiðsla
🇰🇿 алдын ала төлем
🇬🇪 წინასწარი გადახდა
🇦🇿 ön ödəniş
🇲🇽 prepago
Word origin
The term 'prepayment' originated in the early 19th century, combining 'pre-' (before) and 'payment'. It gained popularity in financial and business contexts as a way to ensure commitment and secure future services. Prepayments have become common practice in various industries to protect providers and clients alike.