Hello @Jill196,
There is a way to delete a payout preference and return to a single payout option. I've done it.
If you currently have more than one payout method registered then you'll have to set the one you want to keep as the default method, if it's not that already, and then delete the other one.
To set the method you want to keep as the default one, click on the "Options" drop down box for the method and then select the option to make it the default one.
Then click on the "Options" drop down box for the method you wish to remove and select the option to remove the method.
Steve.