prepayment

noun

UK /ˌpriːˈpeɪmənt/

US /ˌpriːˈpeɪmənt/

Prepayment is money you pay before you really have to.

The hotel asked for a prepayment before we arrived.

SYNONYMS

advance payment deposit down payment early payment

RELATED WORDS

payment installment refund balance invoice

OTHER MEANINGS

2. A payment made ahead of the scheduled due date.

Making a prepayment on the loan helped reduce the interest.

3. Money paid in advance to reserve a service or product.

The prepayment secured our seats for the concert.

4. An amount paid before goods are delivered.

The supplier required a prepayment before shipping the order.