Prepayment ( noun , verb )

(As a noun)

Prepayment ( noun )

The act of paying for something before it is due or before receiving the goods or service.

Origin:

From the prefix pre- meaning "before" and payment meaning "the act of paying".

Examples:

1. The tenant made a prepayment on the rent for the entire year.
2. The company offered a discount for prepayment of the invoices.
3. The bank requires a prepayment for the mortgage loan.
4. The customer requested a prepayment for the custom-made furniture.
5. The seller accepted a prepayment for the goods that are yet to be shipped.

(As a verb)

Prepayment ( verb )

The act of paying for something before it is due or before receiving the goods or service.

Origin:

From the prefix pre- meaning "before" and payment meaning "the act of paying".

Examples:

1. The tenant made a prepayment on the rent for the entire year.
2. The company offered a discount for prepayment of the invoices.
3. The bank requires a prepayment for the mortgage loan.
4. The customer requested a prepayment for the custom-made furniture.
5. The seller accepted a prepayment for the goods that are yet to be shipped.