Payment Methods
A Payment Method is the method an individual or company uses to pay for a product or service. Payment Methods are added to Business Units in the Accounting module.
Examples of Payment Methods
Some examples of payment methods are:
- check.
- cash.
- money order.
- credit card.
- ACH.
- PayPal.
Payment Types
When a payment method is created, a payment type must be set. These are the standard payment types available:
- Check
- Credit Card
- Telecheck
- ACH
- PayPal
- Moneris
- Authorize.net
- Other
The payment types listed above are hard coded on the payment type drop-down list which is found on the Add - Payment Method page. These cannot be modified.
You can define the G/L Account that should be used for each Payment Type that you accept.