In plain English
It means the route or arrangement used to get money that is being sent out. The receiver can be a person or a business.
In context
Here, it labels the selected way the person or business will receive the money paid out to them.
- Situation
- Sending transfers, receiving payouts, withdrawing funds, and reading wallet balances
- What it communicates
- Labels the selected way to receive funds.
Meaning limits
The term only identifies the way money is received, not the amount, timing, or source of the payment.
Examples
“Instead of collecting the refund in cash, the tenant chose a payout method that sent the money to her by cheque.”
“While preparing the month-end payments, the bookkeeper noted each vendor's payout method.”