So I've seen quite a few discussion topics regarding the Payment Agreement. Sorry if it has been posted somewhere else...I wasn't too sure. Here are a few guides provided by Student Accounts and Cashiers that will be very helpful.
The first one is a guide for the Payment Agreement:
http://www.mcmaster.ca/bms/student/pdf/SAC_pa_guide.pdf
This one gives you more information regarding the Payment Plans:
http://www.mcmaster.ca/bms/student/p...ment_plans.pdf
This explains the Funding Options even further:
http://www.mcmaster.ca/bms/student/p..._options.p df
And this one is for the Payment Methods:
http://www.mcmaster.ca/bms/student/p..._methods.p df
Finally, some dates and deadlines, so you don't miss any:
http://www.mcmaster.ca/bms/student/p...eadlines.p df
Let me know if you have any questions!