Payment method is a required step to allow customers to buy products from your store. In this tutorial, M-Connect Media has provided Magento default payment methods options with how to configure PayPal, Authorize.net, Cash on Delivery,Bank Transfer Payment,Check / Money Order, Purchase Order payment methods in your Magento store .

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How to Configure Payment Methods in Magento
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2. Types Of Payment Methods
1. Paypal
2. Cash on Delivery
3. Bank Transfer Payment
4. Check / Money Order
5. Purchase Order
6. Authorize.net(Direct Post)
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3. Paypal Payment Method
PayPal is one of the most convinent payment method for ecommerce
store and used globally. Paypal can be used through your credit card/
debit card or even from your bank account. Only thing customers need to
do is they need to transfer the money to their PayPal account and make
the payment or else you can directly use your credit/debit card via
paypal.
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4. Cash on Delivery
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One of the most preferred payment option by customers: Yes,
its easy and customers need to pay cash once they receive the
products. To implement COD, you may have to ship on your own or
hire a service which offers COD facility for your orders and collect
the cash on behalf of you.

5. Bank Transfer Payment
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Bank transfer payment method
is one of the most old method
and secure method. This
method doesn't allow customers
to reverse back the payment.
Only Merchant can refund the
amount of the product.

6. Check / Money Order
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Magento Enterprise Edition allows you to
accept payments by either check or money
order. The Check / Money Order payment
method is enabled for your store by default. But
this method is rarely used by store owners .

7. Purchase Order
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A purchase order (PO) allows customers to pay for their products
with prior authorization by referencing the PO number. During
checkout, the customer required to enter the PO number when
prompts as the method of payment.

8. Authorize.net(Direct Post)
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Magento Community Edition has
Authorize.Net is one of the default
payment method. When payments
are made with Direct Post,
Authorize.Net handles all steps in
the transaction process— such as
payment data collection, data
submission, and response to the
customer—while the customer
remains in your store.

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Steps To Follow to Setup Payment Methods
To setup your preferred payment method go your Magento
Admin Dashboard and navigate to System -> Configuration
menu.

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Steps To Follow to Setup Payment Methods
After selecting "Configuration",
on the left side in the menu
section "Payment Methods"
Where you can see the default
payment methods.

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Steps To Follow to Setup Payment Methods
On the new page you can expand the desired payment
method to configure it accordingly.
Expand these options

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PayPal Payment Methods Setup
If you would like to use PayPal all-in-one payment solution, you
should review the available options and read the additional
information on how to open a business PayPal account which
will allow you to charge Credit/Debit Cards and accept PayPal
payments directly to your PayPal account.

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COD Payment Methods Setup
If you have to setup cash on
delivery (COD) payment
method, then go to Admin
Panel, navigate to System
> Configuration > Sales >
Payment Methods tab >
Cash on Delivery section.
There fill all the required
field and click on “Save
Config”.

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Purchase Order Payment Methods Setup
For setup perchase order
payment method go to
Admin Panel, navigate to
System > Configuration >
Sales > Payment Methods
tab > Purchase Order
section. There fill all the
required field and click on
“Save Config”.

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Bank Transfer Payment Methods Setup
For setup Bank Transfer
payment method go to
Admin Panel, navigate to
System > Configuration >
Sales > Payment Methods
tab > Bank Transfer
Payment section. There fill
all the required field and click
on “Save Config”.

16. You have successfully Saved Configuration.
You must need to refresh the cache for first time use only.
Please navigate to:
System > Cache Management
If your Magento store facing any issue then please contact
Merchant for technical support and suggestions
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Configuration Successfully Saved !
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