This relates to Administration>System Configuration>Company Settings>Self Service>Online Payments>Payment Options in the Renew Subscription Options section
In this section you can select if you require members to pay immediately (via credit card), pay later (on invoice) or a choice of either (both).
The subscription confirmation email is also configured here. This gets sent for all subscription renewals, making the wording of the email a little difficult, as it may be sent to someone who has paid by credit card OR to someone who has opted to pay later.
Consider using wording like "Your invoice for your subscription is attached, if you have not already done so please arrange payment immediately. If you have paid you will notice on the invoice the amount owing is $0.00".
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