What are the three types of payment methods?

What are the three types of payment methods?

Payment methods examples

Online commerce, fueled by widespread access to high-speed Internet and customers’ never-ending desire for convenience, is growing rapidly around the world, and is estimated to reach $4 trillion in volume by 2020 (source: eMarketer). But when it comes to online payments, companies leveraging online commerce to extend their reach and expand into other countries are encountering customers whose preferences vary widely. Not only can there be big differences in delivery times (for example, with payment after delivery, common in Europe and Asia, companies only receive payment once the goods have been shipped), but the payment methods used for online transactions can also vary widely. Credit and debit cards, which are not always the safest option, only account for half of the transactions made over the Internet worldwide. Bank payments, digital wallets and cash are in high demand among customers, and can even offer other advantages to businesses, such as less risk and lower transaction costs.


Every day, more and more people are not only paying in cash, but also using other forms of payment to make their purchases. This has led retailers to diversify the ways in which they can receive money (whether physical or digital) for the payment of services and products. This begs the question: how many payment methods are there? In the following lines we have put together a brief x-ray of the most important ones.

Possibly the best known (and oldest) of the forms of payment. By means of banknotes or coins (known as fiduciary, since people assign them and trust that they have the value indicated by their denomination, regardless of the materials they are made of), people buy or contract goods and services.

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The idea of the check is basically the same regardless of the type (personal, bank, etc.): the buyer issues a certified document with the amount to be paid to the bearer, which he exchanges for cash.

Main forms of payment

There is a broad consensus that high-value payment systems should be settled on the same day, and the general practice is that payments should be settled as soon as possible. Originally, these systems were developed to settle financial markets, to settle obligations arising in other payment systems and for financial intermediaries to settle their obligations, so the average payment amount was very high. However, technological and financial advances have made it possible for financial intermediaries to offer the services of these systems to their clients for smaller payments.

The Law for the Transparency and Regulation of Financial Services assists the Central Institute in this purpose by empowering it to regulate the services and means of payment provided by banks to their customers and the fees charged by banks to each other.

Online payment methods

Unfortunately, we do not offer the ability to choose when you will be charged; our systems determine this automatically according to the rules above. You can learn more about credit limits and how to request a credit limit increase here.

Each time a bill is sent to you is a “billing period”. You can view all billing periods on the Billing History page, where you can view all transactions on your account. You can check this page to verify the exact period of charges; this information is also available on the PDF invoice on the same page.

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