The partial or complete discharge of an obligation by its settlement in the form of the transfer of funds, assets, or services equal to the monetary value of part or all of the debtor's obligation.

Use payment in a sentence

I finally received my payment from them and I was happy that it was a lot more than I even hoped for.

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I need to make my monthly payment to my credit card company before the end of the month or I will have to pay a late fee.

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The payment was received by the accounting department so it was posted to the general ledger with corresponding journal entries.

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W-4P Form escrow disbursement