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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.
Define advance. advance synonyms, advance pronunciation, advance translation, English dictionary definition of advance. v. adÂ·vanced , adÂ·vancÂ·ing , adÂ·vancÂ·es v. tr. 1. To cause to move forward: advance a chess piece. 2. To put forward; propose or suggest: advanced a novel...