The Collaborative International Dictionary of English v.0.48:

Payment \Pay"ment\, n. [F. payment, paiement. See Pay to
   requite.]
   1. The act of paying, or giving compensation; the discharge
      of a debt or an obligation.
      [1913 Webster]

            No man envieth the payment of a debt. --Bacon.
      [1913 Webster]

   2. That which is paid; the thing given in discharge of a
      debt, or an obligation, or in fulfillment of a promise;
      reward; recompense; requital; return. --Shak.
      [1913 Webster]

   3. Punishment; chastisement. [R.]
      [1913 Webster]

Moby Thesaurus II by Grady Ward, 1.0:

101 Moby Thesaurus words for "payment":
   bait, base pay, bribe, budgeting, carrot, castigation, charge,
   chastening, chastisement, compensation, condign punishment,
   contribution, correction, costing, costing-out, debit, debiting,
   deficit spending, deserts, disbursal, disbursement,
   disciplinary measures, discipline, dismissal wage, distribution,
   earnings, encouragement, escalator clause, escalator plan,
   expenditure, expense, fee, ferule, fillip, financial remuneration,
   gross income, guaranteed annual wage, hire, incentive, incitement,
   income, inducement, infliction, interest, invitation, judgment,
   judicial punishment, living wage, lure, minimum wage, nemesis,
   net income, outlay, pains, pains and punishments, pay,
   pay and allowances, payroll, penal retribution, penalty, penology,
   percentage, persuasive, portal-to-portal pay, profit, provocation,
   punishment, punition, purchasing power, real wages, remuneration,
   retribution, retributive justice, reward, salary, scheduling,
   scourge, severance pay, sliding scale, spending, stimulation,
   stimulative, stimulus, sweetener, sweetening, take-home,
   take-home pay, taxable income, total compensation, wage,
   wage control, wage freeze, wage reduction, wage rollback,
   wage scale, wages, wages after deductions, wages after taxes,
   well-deserved punishment, what-for, whet