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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.
verb (used with object), advanced, advancing. 1. to move or bring forward: The general advanced his troops to the new position. 2. to bring into consideration or notice; suggest; propose: to advance reasons for a tax cut. 3. to improve; further: to advance one's interests.