In the shipping industry, common freight payment methods include prepaid, where the shipper pays upfront, and collect, where the consignee pays upon delivery. Third-party payments, credit terms, cash on delivery (C.O.D.), and letters of credit are also frequently used, each offering varying levels of security and convenience for both shippers and carriers. Electronic funds transfer (EFT) is a popular option for its speed and security. The choice of method depends on the specific needs and agreements between the involved parties.