Yes, you change the order of the payment types when adding or editing a transaction. Click on the arrow next to Select Type. Then click on “New/Edit.”
Find the value that you want to re-order and click on the icon with 3 rows that is to the left of the value. Drag the value to the new location in the dropdown and drop it in the new location. Click on the Close button to save your changes. The new list order will be reflected when you return to the Payment Type pull down list.