diff --git a/modules/payment/commerce_payment.module b/modules/payment/commerce_payment.module
index 2354530..82c0fbc 100644
--- a/modules/payment/commerce_payment.module
+++ b/modules/payment/commerce_payment.module
@@ -489,9 +489,12 @@ function commerce_payment_views_api() {
  */
 function commerce_payment_methods() {
   $payment_methods = &drupal_static(__FUNCTION__);
+  global $theme;
 
-  // If the payment methods haven't been defined yet, do so now.
-  if (!isset($payment_methods)) {
+  // If the payment methods haven't been defined yet, do so now. However, since
+  // payment method display titles may be generated through the theme layer, do
+  // not return any payment methods until after the theme has loaded.
+  if (!isset($payment_methods) && isset($theme)) {
     $payment_methods = array();
 
     // Build the payment methods array, including module names for the purpose