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    Definition of payment method

    Dictionary of Business Terms: payment method
    payment method

    means of payment employed by a customer, such as cash, check, money order, or credit card with order or upon invoicing; also called payment type. Customer records usually contain information regarding payment method and may include claims paid as a payment method.

    Dictionary of Marketing Terms: payment method
    payment method

    means of payment employed by a customer, such as cash, check, money order, or credit card with order or upon invoicing; also called payment type. Customer records usually contain information regarding payment method and may include claims paid (see claims paid complaint) as a payment method. list rental selections are sometimes made by payment type if the marketer is interested in reaching a particular type of buyer, such as a credit card buyer, who can respond to a telemarketing promotion by paying on order via credit card. Marketers can also improve response by offering similar payment terms on subsequent purchases, such as offering a credit-order option to previous credit buyers.

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