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"the payment of" is a correct and commonly used part of a sentence in written English.
It can be used to refer to the act of paying for something or the amount of money that is paid for something. It is often used in a formal or business context. Example: "The payment of my monthly rent is due on the first of each month." Example: "The payment of the invoice was made in full last week." Example: "The company requires the payment of all outstanding fees before work can begin."
Dictionary
the payment of
noun
The act of paying.
synonyms
Exact(59)
Islamic law prohibits the payment of interest.
Industry has not complained about the payment of these royalties.
He is still contesting the payment of damages.
The figures per share reflect the payment of preferred dividends.
But it could order the payment of compensation".
"We are looking to expedite the payment of claims".
The payment of taxes to the government would be discontinued.
The second is the payment of social security and other transfers to individuals and the payment of subsidies to industrial and commercial companies.
The price includes the payment of a 30-cents-a-share dividend by Nufarm, it said.
There will also be a single set of rules covering the payment of pensions.
They had set Tuesday as a deadline for the payment of wages and other benefits.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com