Partial Payments

Partial Payment is the payment of the actual invoice in parts. It fulfills one portion of the actual total amount. This is a very common type of payment term followed by many businesses for small as well as large amounts. Mostly a buyer gives advance for the goods or services he is purchasing and pays the rest of the amount after receiving complete consignment or completion of service. Partial Payments happen in several situations such as real estate deals where the customer pays a portion of total property value and later fulfills the total amount via loans, etc.