Payment arrangement is one of the vital issues in a B2B setting. For example, failing to accurately specify and communicate payment details such as the method of the payment, whether payment is refundable and negotiable, and what settlement model is used, can lead to serious disputes between the provider and requester of a service. However current development and solutions in service description, e.g., WSDL, do not cater for the specification and negotiation of payment related requirements for services. In this paper we present a comprehensive modeling approach for capturing and specifying payment requirements in the context of business collaboration. It will lay a foundation for service providers and requesters to explicitly define and adjust their business and technical requirements for payment in an adaptive and verifiable way. Furthermore, it provides support for terms of payment to be negotiated effectively to reach service provisioning agreements.