The expressions “payment methods” and “payment terms” may seem confusingly similar, but can be easily distinguished: payment methods describe how payments are made; payment terms indicate when they must be made.

Examples of common payment methods (formas/medios de pago) include:

• cash (efectivo)
• check; cheque (UK) (cheque)
• credit or debit card (tarjeta de crédito o débito)
• prepaid card (tarjeta de prepago)
• digital wallet (monedero electrónico)
• bank transfer (transferencia bancaria)
• autopay; direct debit (domiciliación de pagos)
• (etc.)

And standard payment terms (plazos de pago) include:

• payment in advance (PIA) (pago por adelantado)
• cash in advance (CIA) (efectivo por adelantado)
• cash with order (CWO) (efectivo con pedido)
• cash before shipped (CBS) (efectivo antes del envío)
• cash on delivery (COD) (contrareembolso; entrega contra reembolso)
• invoice date (fecha factura)
• end of month (EOM) (fin de mes)
• month following invoice (MFI) (mes siguiente fecha factura)
• net 30 (30 días fecha factura)
• net 60 (60 días fecha factura)
• net 90 (90 días fecha factura)
• (etc.)

For different meanings of pago al contado see here

For an explanation in Spanish and English of the current (2020) Incoterms see here