# Payment Method Types and Fields

A payment method refers to the means through which you can pay for the goods or services. Whether you're purchasing inventory, paying suppliers, or receiving payments from customers, payment methods provide the flexibility and convenience needed to manage your finances effectively.

### Types of Payment Methods

XoroERP offers a range of payment methods to cater to diverse preferences and needs. 

<figure><img src="/files/jRsAPQ22TjnXFg7dBFtg" alt=""><figcaption></figcaption></figure>

### Commonly used options

<table><thead><tr><th width="164">Payment Methods</th><th>Description</th></tr></thead><tbody><tr><td>Cash</td><td>Cash is money in the physical form of currency, such as bank notes or coins.</td></tr><tr><td>Cheque</td><td>A cheque is a negotiable instrument instructing a financial institution to pay a specific amount of a specific currency from a specified demand account held in the maker/depositor’s name with that institution.</td></tr><tr><td>Credit Card</td><td>Purchasers can use credit cards to buy goods based on the card holder’s promise to pay for these goods and services.</td></tr><tr><td>Debit Card</td><td>A debit card is also known as a banking card, check card, or ATM card. It is used as an alternative to cash when making purchases; the funds for a debit card purchase are withdrawn directly from the bank account. Only Signature (or PIN-less) debit cards that have a Visa or Mastercard logo may be used.</td></tr><tr><td>E-Cheque</td><td>E-Cheque is a digital version of a paper check and is also known as an <strong>electronic check</strong>, online check, internet check, and direct debit. E-Cheque use the Automated Clearing House (ACH) to direct debit from a customer’s checking account into a merchant’s business bank account, with the help of a payments processor.</td></tr><tr><td>Gift Card</td><td>A gift card also known as a gift certificate, gift voucher, or gift token, is a prepaid stored-value money card, usually issued by a retailer, to be used as an alternative to cash for purchases within a particular store or related businesses.</td></tr><tr><td>Interac Debit</td><td>Interac Debit is a secure and convenient payment option that allows your customers to make purchases securely and conveniently with funds directly from their bank account.</td></tr><tr><td>Other</td><td>Use this option for payment methods other than any of the above methods.</td></tr></tbody></table>


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