The term "payment methods" refers to the various ways in which customers can pay for goods or services. In business software systems—particularly in e-commerce platforms, ERP solutions, or point-of-sale applications—the management and processing of payment methods is a key module. The goal is to offer customers a convenient and secure payment experience while ensuring seamless integration into accounting and logistical workflows.
Management of multiple payment options: Support and configuration of diverse payment types such as bank transfer, direct debit, credit card, PayPal, or invoice-based payment.
Payment processing and automation: Automated processing of payments, including payment matching and posting to the financial accounting system.
Integration with payment service providers (PSPs): Connection to external providers like Stripe, Adyen, or Klarna for secure payment transactions.
Risk management and credit checks: Verification of the customer's creditworthiness before enabling specific payment options (e.g., purchase on account).
Currency management: Support for payments in multiple currencies, including conversion and exchange rate handling.
Mobile payment support: Integration of modern payment methods such as Apple Pay or Google Pay.
Payment reminders and dunning processes: Automation of reminders for overdue payments.
Interfaces to accounting systems: Transfer of payment data to financial accounting and ERP systems.
A customer purchases a product in an online shop and pays via PayPal.
A wholesaler offers invoice payment with 30-day terms to business clients.
A brick-and-mortar store accepts contactless payments via Apple Pay.
An ERP system automatically matches incoming bank transfers with open items.
A company uses an integration with a payment service provider to authorize credit card payments in real time.
