Programming MySQLi prepared statements

I'm programming code with MySQLi prepared statements. I'm a beginner and just want to ask to experts if my code is correct.

function getPaymentMethodName( $id ) {
    global $mysqli;
    if ( $stmt = $mysqli->prepare( 'SELECT name FROM `payment_methods` WHERE id = ?' ) ) {
        if ( $stmt->bind_param( 'i', $id ) ) {
            if ( $stmt->execute() ) {
                $stmt->bind_result( $name);
                if ( $stmt->fetch() ) {
                    $stmt->close();
                    return $name;
                }
            }
        }
    }
    $stmt->close();
    return false;
}

Let mysqli do the error detection for you:

mysqli_report(MYSQLI_REPORT_ERROR | MYSQLI_REPORT_STRICT);

This makes mysqli throw exceptions when errors occur inside mysqli function calls, instead of failing silently and creating the need for you to manually detect these errors. You only need to call mysqli_report once before making mysqli function calls.

StackExchange Code Review Q#75229, answer score: 4