Credit or Debit Accounts Receivable is the term used to describe a situation in which goods or services have been purchased and paid for on either credit or debit accounts. This means that rather than paying cash, customers are given the option to pay their invoices with either a credit card or a debit card. With this setup, businesses can quickly and easily collect payment from customers without having to wait for checks to clear or worry about large sums of cash being circulated. Accounts receivable is considered an essential asset of any business because it allows entities to maximize their income while minimizing their risk.