close out payment

USAGE SUMMARY

The phrase "close out payment" is correct and usable in written English.
It can be used in financial contexts to refer to the final payment made to settle an account or complete a transaction. Example: "Before we can finalize the contract, we need to arrange the close out payment for the remaining balance."

✓ Grammatically correct

Human-verified similar examples from authoritative sources

Similar Expressions

60 human-written examples

Lump sums: In the Sacramento area, 13 government employees closed out 2014 with a lump sum payment of more than $100,000, according to a news analysis.

Los Angeles Times

Indeed, of the 22 institutions that have received either collateral from the government or cash payments to close out credit insurance deals, 16 are foreign.

The New York Times

Also on watershed investments, Ecosystem Marketplace closed out 2016 by publishing its semi-annual State of Watershed Investment report, which this year focused on payments for green infrastructure for water.

Huffington Post

"Kind of closed out, maybe".

The New Yorker

It could help vulnerable, low-income borrowers by putting an end to deceptive advertising and balloon payments that make it impossible for borrowers to close out a loan.

The New York Times

The indictment documents dozens of payments to various middlemen and the steps Lopez then allegedly took to close out the person's case.

Los Angeles Times

The indictment documents dozens of payments to various middlemen and the steps Lopez then allegedly took to close out the person's case.

Los Angeles Times

Mature teams close out games.

The New York Times

The Register may, in the Register's discretion, 4 years after the close of any calendar year, close out the royalty payments account for that calendar year, and may treat any funds remaining in such account and any subsequent deposits that would otherwise be attributable to that calendar year as attributable to the succeeding calendar year.

Harvard University

You'll want to keep a log of communications with possible sellers, and once the auction closes you'll have to prepare e-mail invoices, sort out payment and haul all that stuff to the shipper.

Forbes

CAGNE points out payment is limited to only the closest homes and cannot be passed on when the house is sold.

The Guardian

Expert writing Tips

Best practice

When referring to the final settlement of an invoice or account, use "close out payment" to clearly indicate that no further payments are expected.

Common error

Avoid using "close out payment" when referring to installments or partial payments towards a larger debt. This phrase implies a complete and final transaction.

Linguistic Context

The phrase "close out payment" functions as a noun phrase, typically used to denote the final transaction required to settle a financial obligation. It's commonly found in business and financial contexts, such as finalizing contracts or settling debts. Ludwig AI indicates the phrase is grammatically correct.

Expression frequency: Missing

Frequent in

Science

0%

News & Media

0%

Formal & Business

0%

Less common in

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News & Media

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Formal & Business

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Ludwig's WRAP-UP

In summary, the phrase "close out payment" refers to the concluding transaction that settles a financial obligation, as affirmed by Ludwig AI. While currently exhibiting low frequency, it's deemed grammatically sound and particularly relevant in professional settings, such as financial and business environments. To enhance clarity and precision, context-dependent alternatives include "final payment", "settlement payment", and "payment in full". Remember, this phrase denotes a complete and final transaction, so reserve it for situations where no further payments are anticipated.

More alternative expressions

Phrases that express similar concepts, ordered by semantic similarity:

Final payment

Focuses on the concluding aspect of the payment, omitting the action of "closing out".

Full and final settlement

Stresses the completeness and finality of the payment agreement.

Settlement payment

Emphasizes the resolution of a financial obligation.

Payment in full

Highlights that the complete amount due has been paid.

Concluding payment

Highlights the terminal nature of the payment, similar to 'final'.

Complete payment

Emphasizes the payment is total and covers all outstanding amounts.

Balance clearance

Refers to clearing the outstanding balance through payment.

Debt settlement

Highlights the resolution of a debt through a specific payment.

Account reconciliation payment

Implies the payment is part of a process to align financial records.

Discharge of obligation

Focuses on the legal release from a financial duty through payment.

FAQs

What does "close out payment" mean in financial terms?

In financial contexts, "close out payment" refers to the final payment made to settle an account, debt, or transaction, indicating that all outstanding obligations have been fulfilled.

Are there alternatives to saying "close out payment"?

Yes, you can use alternatives like "final payment", "settlement payment", or "payment in full" depending on the specific context.

How is a "close out payment" different from a regular payment?

A "close out payment" is specifically the last payment required to fully settle a debt or account, whereas a regular payment is any payment made as part of an ongoing payment plan or agreement. The "final payment" is meant to bring balance to zero.

When is it appropriate to use the term "close out payment" in a business context?

It's appropriate when you want to emphasize that a particular payment completes all outstanding obligations, such as settling an invoice, completing a loan repayment, or finalizing a contract.