A deferred payment plan refers to an arrangement where the payment for goods or services is postponed to a later date. However, there are alternative terms that can be used to describe this type of payment agreement. One commonly used synonym is an installment plan, where payments are divided into multiple installments spread over several months or years. Another synonym is a delayed payment plan, where payment is postponed for a specified period. Deferred financing is also a possible synonym, which refers to the postponement of payment with the added incentive of interest being accrued over time. Whichever term is used, the underlying concept remains the same: an agreement to pay at a future date.