prepays

Pays ahead of time

Prepays is the third-person singular of prepay, meaning to pay for something before receiving it or before payment is due.

A customer prepays for a service, a tenant prepays rent, a company prepays its vendors: She prepays her phone bill every month.

The practice often earns discounts or guarantees availability.

financial

advance

Move or progress forward

depositPlace for safekeeping
downpaymentInitial payment toward purchase
installmentPeriodic partial payment

retainer · tuition · subscription · premium · dues · fee · mortgage · loan · remittance · layaway

security

deposit

Place for safekeeping

collateralSecurity for debt
guaranteeFormal promise of fulfillment
suretyBacker of obligation

bond · escrow · earnest · pledge · insurance · protection · safeguard · reserve · buffer · hedge

savings

discount

Reduced price offered

interestAttention, stake, or fee
rebateReturned portion of payment
incentiveReward encouraging action

savings · promotion · reward · cashback

planning

budgeting

Allocating funds systematically

forecastingEstimating future conditions
schedulingAssigning times to events
allocationDistribution of shares

booking · reservation · foresight · prudence · provisioning · strategizing · prioritizing · arrangement · preparation

Opposites

payment timing

prepaysreimburses

Pays back expenses

credit vs. advance payment

prepayscharges

Amounts owed or alleged

finances · invoices · bills · borrows · owes

Phrases

prepaid cardPayment method funded in advance
prepayment planEarly settlement schedule
prepaid phonePhone with pre-purchased minutes
prepaid planService purchased before usage
prepaid postageMailing cost covered beforehand
prepaid serviceUsage bought in advance

Family

prepaid, prepay, prepayment, prepaying

Familiarity: Top 500,000
Profile: Used worldwide · Timeless · Everyday, not technical · Rated G