What is payment method in SAP FIN-FSCM-DP-DP - Digital Payments?

SAP Term: payment method

• Component: FIN-FSCM-DP-DP

• Component Name: Digital Payments

• Description: Accounts Receivable FI-AR Method as classified by the SAP digital payments add-on rather than by the consumer application. The methods available are 'credit card' CC and 'external payment' EP.

Smart SAP Assistant

• Key Concepts: 
  Payment method is a feature of the Digital Payments component of SAP's Financial Supply Chain Management (FSCM) module. It is used to define the payment methods that can be used to pay invoices and other financial transactions. Payment methods can include cash, check, credit card, bank transfer, and other forms of payment. 
  
  How to use it: 
  In order to use the payment method feature, users must first define the payment methods that they want to use. This can be done in the SAP system by navigating to the Digital Payments component and selecting the “Payment Methods” option. From there, users can add new payment methods or edit existing ones. 
  
  Tips & Tricks: 
  When defining payment methods, it is important to consider the different types of payments that may be accepted by customers or vendors. For example, if a company does business with customers in multiple countries, it may need to set up different payment methods for each country. 
  
  Related Information: 
  The Digital Payments component of SAP FSCM also includes features such as payment terms and payment blocks. Payment terms are used to define when payments are due and how much interest will be charged for late payments. Payment blocks are used to prevent certain types of payments from being processed.