Definitions

1. noun

the act of paying or making a payment before an amount is due, especially for a service or product

“She made a prepayment on her new car to take advantage of a discount.”

2. noun

a payment made before it is due, especially for a service or product

“The company accepted a prepayment for the upcoming festival tickets.”

3. verb

to pay or make a payment before an amount is due

“We prepaid our electricity bill to avoid any late fees.”