Guide to Payment Types, With Pros and Cons for Each
March 21, 2023
Payment is the transfer of money, goods, or services in exchange for goods and services in acceptable proportions that have been previously agreed upon by all parties involved.
A payment can be made in the form of services exchanged, cash, check, wire transfer, credit card, debit card, or cryptocurrency.
There is no single best form of payment, as each typically has its own advantages and disadvantages. More traditional forms of payment like cash don't need technology and are often universally accepted. More modern forms of payment have less risk of theft and may be accompanied by payment rewards.
The pros and cons of each type of payment are discussed in this article.