overpay

[oh-ver-pey]
verb (used with object), overpaid, overpaying.
1.
to pay more than (an amount due): I received a credit after overpaying the bill.
2.
to pay (a person) in excess.

Origin:
1595–1605; over- + pay1

overpayment [oh-ver-pey-muhnt, oh-ver-pey-muhnt] , noun
unoverpaid, adjective
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Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
overpay (ˌəʊvəˈpeɪ)
 
vb , -pays, -paying, -paid
1.  to pay (someone) at too high a rate
2.  to pay (someone) more than is due, as by an error

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Example sentences
Some fear that low-cost leverage might tempt buyers to overpay.
Fear of missing out, and thus the temptation to overpay, is growing.
Emerging-market buyers usually offer cash and tend to overpay.
RA as well as millions of economically nervous people overpay for ironing
  boards.
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