Definition, Meaning & Synonyms
method-of-payment
noun
/ˈmɛθəd əv ˈpeɪmənt/
Definition
A means or system by which payment for goods and services is made.
Examples
- Credit cards are a popular method-of-payment in online shopping.
- Cash is a traditional method-of-payment still used by many businesses.
- Some people prefer digital wallets as their preferred method-of-payment.
Meaning
The term ‘method-of-payment’ refers to any way in which money is transferred from a buyer to a seller during a transaction.
Synonyms
- payment method
- payment option
- form of payment
