The day, on which a firm actually pays its dividends, is termed as the date of payment. It is worth noting that the board of directors only decides or declares to issue the dividend; however, the issue date is not the date on which the dividend is paid. The dividend is actually not paid until the date of payment. Usually, the date of payment is a month ahead of the ex-dividend date. This date is also known as the payable date or the payment date in finance.