hum. this is a telltale that you know very, very little about latin america.

There is actually 4 options. And you left the TOP TWO out.

1st is boleto. where you get a payment slip with the total bill split in monthly payments, with instructions to pay at the bank with special cases for late payment, etc.

The 2nd most used is to write pre-dated, pre-signed monthly checks. That work like an informal version of the boleto and gives more leverage to the seller.