A lump sum payment is a one-time payment for the total amount due for a product or service. It’s a single, predetermined amount that is paid in full upfront, as opposed to being broken up into multiple payments spread out over time. Lump sum payments provide an efficient way to make financial transactions while saving costs on administrative fees and charges associated with installment payments. When making lump sum payments, it’s important to be clear about the details of the transaction, including when the payment is due and what form the payment should take (cash, check, online). Put simply, lump sum payments are an easy way to quickly get things done.