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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.
Definition of advance. 1  1 : a moving forward halted the enemy's advances. 2  2a : progress in development â¦ mistaking material advance for spiritual enrichment. 3  3 : a rise in price, value, or amount The workers won wage advances.  4 : a first step or approach made Her attitude discouraged all advances.