European payment taken on the phone? (5)
I believe the answer is:
czech
'european' is the definition.
(Czech is an example)
'payment taken on the phone?' is the wordplay.
'payment' becomes 'cheque' (cheque is a means of paying someone).
'taken on the phone?' shows a homophone (sound like) (how it might sound on the phone).
'cheque' is a homophone of 'CZECH'.
(Other definitions for czech that I've seen before include "from central Europe" , "Nationality of citizen of Prague" , "European language" , "Slavic language" , "foreign national" .)