A payment method is the instrument or rail a payer uses to transfer value, such as card, bank transfer, direct debit, pay by bank or digital wallet.
How do payment methods differ?
They vary in initiation, authentication, cost, speed, limits, reversibility, settlement certainty, payer experience and geographic availability.
How should a business choose methods?
Match customer needs and transaction size with acceptance cost, fraud risk, settlement time, refund process and operational integration.
Does faster mean final?
No. A fast confirmation may be provisional, and some methods allow later returns or disputes. Track the correct finality state.
What costs should be compared?
Compare transaction and percentage fees, FX, failure, refund, chargeback, bank and reconciliation costs using representative transactions.
What should the record show?
Keep method, provider, payer reference, amount, currency, fees, status, settlement and any return or refund.
