A lump-sum payment, also known as a single payment or fixed sum payment, is a one-time payment made to an individual or business. It is typically used as a payment for goods and services, or in legal settlements. A lump-sum payment can also be used to consolidate several small payments into one larger payment, which can help to streamline accounting processes. Lump-sum payments are often seen as more convenient and efficient than making multiple smaller payments, while still providing the same value to the recipient.