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Payment types describe the methods used by customers to pay for any invoices you raise. There are default payment types such as credit card and cash, but you may wish to add your own payments types too. If you are using TimelyPay, you will also see TimelyPay as one of your default payment types. In this article you will learn how to create your own custom payment types to suit your business, and why they are useful.
Why would I create custom payment types?
Custom payment types allow you to take control of how your customers pay, creating experiences tailored to your business; while still being mindful to ensure this doesn't impact your reporting.
Some creative uses of custom payment types:
- You can add Bitcoin as one of your payment types
- Issuing customer credits to your clients
- Issuing discounted or free gift vouchers to your customers, you can use this to activate them!
- Specific payment types for promotional or pro bono vouchers and services
- Create one payment type for card readers that deposit your payments in bulk (i.e. Zettle or Square)
- Reconcile custom payment types to your bank account with ease!
How to add a custom payment type
Step-by-step instructions
How to use a custom payment type
When you raise an invoice in Timely, you can simply select the payment type you wish to apply. We'll record the total balance for each payment type in the transaction summary report, so you can easily see how much you have received via each method!
Are you working with an accounting integration?
If so, you will be prompted to map any new payment types to an account. You can may all payment types to the same account in your account system, or set up a new account for each payment type. See our guide How to reconcile your payments in Xero for more information.
Important note: Starting March 1st 2026, automatic syncing of Timely invoices to MYOB will no longer be available. You can still export your Timely invoices and manually import them into MYOB.