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Payment Instrument

A means by which a customer can make payments.

A payment instrument is a stored, customer-specific record that enables direct execution of a payment, for example, a SEPA mandate or a credit card token. It is associated with a payment method, which defines the general type of payment (such as SEPA direct debit or online payment). Configured payment instruments determine how payments are collected and which automated payment processes are available.

Examples: SEPA direct debit mandate for automated recurring payments; credit card stored with a payment service provider; bank transfer with payment reference.