- Split payment refers to the process of settling a single transaction using multiple payment methods (e.g., cash, credit cards, debit cards, gift vouchers, bank transfers, etc.).
- Layaway is a payment option where customers pay a deposit to reserve an item and complete the rest of the purchase over time through installments. Unlike split tender, the customers only receive the items when they make all of the payments.
- Installment payment(s) is a way for customers to pay for their purchases in small portions over a fixed time period. Customers can choose installments as a split tender payment option.
- Deferred payment lets customers buy right away and pay for their purchase later, usually in several installments and without interest. Unlike split tender transaction, which allows payment from multiple options, customers usually make deferred payments with one method.
- Partial payments mean paying less than the total amount of the bill. Customers or businesses would pay parts of the amount due and settle the rest when they receive their order. Unlike layaway, this method doesn’t involve making a series of payments.