How Do You Spell PAYMENT?

Pronunciation: [pˈe͡ɪmənt] (IPA)

The word "payment" is spelled with the phonetic symbols /ˈpeɪmənt/. The first syllable is pronounced "pay" with a long "a" sound, and the second syllable is pronounced "mənt" with a short "u" sound. The "a" in the first syllable is followed by a "y" which makes the vowel sound longer. The consonant cluster "m-n-t" is pronounced as a single syllable, hence the use of the letter "e" to indicate this vowel sound. The correct spelling of "payment" ensures proper communication and comprehension when it comes to financial transactions.

PAYMENT Meaning and Definition

  1. Payment refers to the act, process, or instance of giving or receiving money, goods, or services in exchange for a product, debt, or obligation. It is a vital element in any economic transaction, as it represents the transfer of value from one party to another.

    In a financial context, payment represents the fulfillment of a financial obligation. This can involve various forms, such as cash, checks, credit cards, electronic transfers, or other methods agreed upon by both parties involved. The intention behind payment is to settle a debt or compensate for goods or services rendered.

    The term "payment" is often associated with the action of settling bills, invoices, or loans. Payments can occur on a one-time basis or be scheduled on a regular interval, such as monthly installments or periodic subscriptions. Non-payment of debts or obligations may result in consequences such as late fees, interest charges, or legal actions.

    Payment systems have evolved significantly with advancements in technology. The rise of digital currencies, mobile banking, and online payment platforms has provided more convenience and efficiency in making payments. These innovations have increased accessibility, speed, and security while reducing dependency on physical cash.

    In summary, payment refers to the act of exchanging money, goods, or services as a means of settling a financial obligation. It plays a crucial role in the functioning of the economy, ensuring that parties involved in transactions receive their respective compensation.

  2. Reward; recompense; something given in discharge of a debt or obligation.

    Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.

Top Common Misspellings for PAYMENT *

* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.

Other Common Misspellings for PAYMENT

Etymology of PAYMENT

The word "payment" derives from the Old French term "paiement", which is an adaptation of the verb "pier" (to pay). "Pier" in turn comes from the Latin "pacare", meaning to appease or pacify. The Latin word is related to other Latin terms such as "pax" (peace) and "pacificus" (peaceful). This etymology suggests that the concept of payment originally involved offering something to achieve peace or settle a debt. Over time, the term "payment" has evolved to refer to any transfer of money or value made to fulfill an obligation or settle a debt.

Idioms with the word PAYMENT

  • grease payment The phrase "grease payment" refers to a bribe or illegal payment given to someone in a position of power or authority in order to expedite a transaction or obtain preferential treatment. It is also known as a "grease money" or "grease fee."

Plural form of PAYMENT is PAYMENTS

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