disbursement vs payment

disbursement and payment both are nouns.

Word	Noun	Adjective	Verb	Adverb
disbursement	Yes	No	No	No
payment	Yes	No	No	No

As nouns, payment is a hypernym of disbursement; that is, payment is a word with a broader meaning than disbursement:

Other hypernyms of disbursement include defrayal, defrayment.

disbursement (noun)	payment (noun)
the act of spending or disbursing money	the act of paying money
amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures)	an act of requiting; returning in kind
	a sum of money paid or a claim discharged