Payment methods are the ways in which customers pay for their subscription services. A customer can choose a payment method based on your company’s list of preferred payment methods.
With each payment method, you can also set up corresponding accounting codes that tie into your accounting system. Such accounting codes will ensure that your payments are put into the correct payment account, which makes it easier to reconcile.
The payment methods you set up will appear in a pick list when you set up the billing and payment terms for a customer within the customer account.
You can define the following payment methods:
An Automated Clearing House (ACH) payment is a form of electronic funds transfer (or bank transfer) that provides a secure, efficient method of receiving payments through the ACH Network.
ACH is also called direct debit.
Cash is money in the physical form of currency, such as bank notes or coins.
|CC Reference Transaction|| |
This is a credit card reference transaction. If you need to re-charge a credit card and you are not storing the credit card information in your local database, you can perform a CC reference transaction. A reference transaction takes the existing credit card information that is on file and reuses it. This method of payment is available if PayPal is used as the payment gateway.
A check 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.
|Credit Card|| |
Purchasers can use credit cards to buy goods based on the card holder’s promise to pay for these goods and services. Only Visa, Mastercard, American Express and Discover cards can be used at this time.
|Debit Card|| |
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 It is used as an alternative to cash when making purchases; the funds for a debit card purchase are withdrawn directly from the bank account.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.
With PayPal, customers can send payments securely online using a stored value account that is linked to a credit card, Signature (PINless) debit card or bank account.
|Wire Transfer|| |
A wire transfer is a method of transferring money from one person or institution (entity) to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office.
Use this option for payment methods other than any of the above methods.