What does payment method mean?
A payment method means the possibility and way of transferring a financial means (money) to someone, especially in connection with a purchase or business transaction, in which the amount of money is passed on from the buyer to the seller or service provider.
A distinction can be made between cash, semi-cash, and non-cash payments. Cash payments are common when the buyer and seller make direct purchase contact. When cashing a cashier’s check or the buyer deposits the purchase amount in cash into the recipient’s account, this is a semi-cash payment in each case. If the payment is processed through both the buyer’s and seller’s accounts, this is, therefore, a cashless payment.
Different payment methods
What are the different payment methods? What are the most common payment options?
While cash payment is still common, especially in stationary retail, numerous cashless Zahlungsvarianten have become established.
Common payment methods are:
- Cash payment
- Cash on delivery
- Direct debit
- Prepayment
- Bank transfer
- EC card
- Credit card
- Credit card
- PayPal
- Amazon Pay
- Mobile payment (e.g., Apple Pay, Google Pay)
Payment processing and payment variants
The availability of popular payment methods sometimes significantly influences customers’ purchasing decisions. Providers from e-commerce, therefore, often resort to payment service providers that can offer a corresponding portfolio, such as Compay GmbH. Compay range of services includes services for processing payment transactions and invoices in the areas of accounts receivable management and online commerce.
