The difference between these two concepts is subtle but fundamental to understanding the actions you need to take to start selling with your VTEX store.
Payment methods are the forms that can be used for the money to exchange hands and, thus, to make purchase and sale relationships viable. VTEX supports various payment methods such as credit and debit cards, bank slips, e-wallets, vouchers and many more.
Payment conditions, on the other hand, are the rules that must be followed by a person who wants to buy in your store. In practice, payment conditions are the options that appear on the user's screen at checkout.
At VTEX, a payment method is only available on your web site after you set it up at Payments module, defining the conditions in which payments can be made. In other words, we can understand a payment condition as the payment method which has already been configured.