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Go to Customise UI tab -> Customise Checkout UI -> Payments
You can reorder the payment methods basis what you want the preferred order to be :
Click and drag the tiles that is highlighted in the above image. And move it to the order you want it to be at.
If you want certain payment methods to be hidden on your checkout you can use the hide visibility option. These methods won't be visible for the Shoppers and hence they won't be able to make payment through that mode.
You can description under the payment method. Click on edit description icon, shown below.
You can add important description here, which could be helpful for shoppers while making the payment.