For payment type in this section, you can add a new type of payment method, here are step by step to add it to your account. There's a multiple ways to payment method, Check this article below to how to setup.
Step 1. Go To Setup, then Choose Payment Method
Step 2. Click Add
You will found 4 method :
Step 3. Input Payment Method Name, then Click Save
Step 4. Add Payment Method
When you add a new payment, you can fill all the info for new payment method.
Step 5. Make a Transaction with New Payment Method
When on selling process, payment that you've add before will show up like this UI below :