What is 'payer' in SAP AP-PAY - FIN Payment Processing?

payer - Overview

• Component: AP-PAY

• Component Name: FIN Payment Processing

• Description: A party that pays for goods or services.

payer - Details

• 
  Key Concepts: 
  A payer is an entity that is responsible for making payments to vendors or other external parties. In SAP, the payer is a role assigned to a company code or a vendor. The payer is responsible for initiating payments and ensuring that the payment is made on time. 
  
  How to use it: 
  In SAP, the payer role can be assigned to either a company code or a vendor. To assign the payer role to a company code, go to the Financial Accounting (FI) module and select the Company Code tab. Select the company code you want to assign the payer role to and click on the “Payer” tab. To assign the payer role to a vendor, go to the Materials Management (MM) module and select the Vendor tab. Select the vendor you want to assign the payer role to and click on the “Payer” tab. 
  
  Tips & Tricks: 
  When assigning the payer role, make sure that you select an entity that has sufficient funds available in its bank account. This will ensure that payments are made on time and without any delays. 
  
  Related Information: 
  The AP-PAY FIN Payment Processing component of SAP is used for processing payments from vendors and other external parties. It includes features such as payment scheduling, payment tracking, and payment reconciliation.