Exploitation : Components of an Exploit : Payloads : Payload Types

Payload Types
A payload can be a reverse shell payload or a bind shell payload. The major difference between these payloads is the direction of the connection after the exploit occurs.
Bind Payloads
A bind shell attaches a command prompt to a listening port on the exploited system and waits for a connection from the attacking machine.
Reverse Payloads
A reverse shell creates a connection from the target machine back to you as a command prompt.
Meterpreter
Meterpreter is an advanced payload that allows you to write DLL files to dynamically create new features as you need them.