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What is an 'Advance Payment'. An advance payment is a type of payment that is made ahead of its normal schedule, such as paying for a good or service before you actually receive the good or service.
Wiktionary (0.00 / 0 votes) Rate this definition: advance (Noun). A forward move. advance (Noun). An amount of money or credit, especially given as a loan, or paid before it is due; an advancement. advance (Noun). An opening approach or overture, especially of an unwelcome or sexual nature. advance (Verb). To bring forward; to move towards the van or front; to make to go on.