Advance payment refers to a financial transaction in which a payment is made in advance before goods or services are delivered or provided. Some synonyms for advance payment include upfront payment, prepayment, down payment and deposit. Upfront payment usually refers to a payment made at the beginning of a project or before any work is done. Prepayment can refer to a payment made in advance for a subscription or a purchase. Down payment is often used in the purchase of big-ticket items such as cars, houses, or other major assets. Lastly, deposit is used in situations where a sum of money is required to secure a booking or reservation, such as in rental accommodations.