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.