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rate of payment


Definitions from WordNet

Noun rate of payment has 1 sense
  1. payment rate, rate of payment, repayment rate, installment rate - the amount of money paid out per unit time
    --1 is a kind of rate, charge per unit

Definitions from the Web

Rate of Payment


The rate of payment refers to the amount of money charged or received for a particular service, product, or work, usually calculated per unit of time or quantity.


1. Payment Rate as Wages

In the context of employment, the rate of payment usually denotes the amount a worker is compensated for their services rendered over a specific period of time, typically expressed as an hourly, weekly, monthly, or annual wage.

Example sentence: The company offers a competitive rate of payment to attract highly skilled professionals.

2. Interest Rate

When discussing loans or credit, the rate of payment refers to the interest charged by a lender on the principal amount borrowed. It represents the cost or price the borrower pays for the use of the borrowed funds.

Example sentence: The bank approved the loan with a low-interest rate of payment, making it more affordable for the borrower.

3. Merchant Processing Fee

In business transactions, the rate of payment relates to the fee charged by merchant payment processors or credit card companies for processing electronic payments. This fee is usually a percentage of the transaction value.

Example sentence: The online store was pleased to discover a payment gateway with a more favorable rate of payment, which reduced their transaction costs.

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