Payment Period

What is a payment period?

Payment Period Definition: The time frame where a payment is due or the time that applies to a specific payment or fee is called a payment period. The most common example of a payment period is payroll, which refers to employees receiving their paycheck, usually every two weeks or twice monthly.

A payment period may also refer to a service you receive for a specific payment, which covers a week, month, or more extended period. When the next period begins, such as a work week, the following payment is usually paid to the employee at the end or conclusion of this period.

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