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WordNet-Online
Definitions from WordNet
Noun rate of payment has 1 sense
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Definitions from the WebRate of PaymentDefinitionThe 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. Senses1. Payment Rate as WagesIn 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 RateWhen 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 FeeIn 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. Related ProductsExplore related products on Amazon: | ||||
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