What is rescission period in SAP FS-AM-OM-AC - Account Order?

SAP Term: rescission period

• Component: FS-AM-OM-AC

• Component Name: Account Order

• Description: The period from the date of the rescission instruction, during which the account holder can close the loan account without incurring costs, such as account closure charges or prepayment penalty.

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• Key Concepts: 
  Rescission period is a feature in SAP FS-AM-OM-AC Account Order Management that allows customers to cancel an order within a certain period of time. This period is usually set by the company and can range from a few days to a few weeks. The rescission period is designed to protect customers from making decisions they may later regret. 
  
  How to use it: 
  In order to use the rescission period feature, customers must first select the product or service they wish to purchase. Once the customer has made their selection, they will be presented with an option to cancel their order within a certain period of time. If the customer chooses to cancel their order within this period, they will be refunded the full amount of their purchase. 
  
  Tips & Tricks: 
  It is important for companies to set a reasonable rescission period that allows customers enough time to make an informed decision without feeling rushed. Companies should also make sure that customers are aware of the rescission period before they make their purchase so that they can make an informed decision. 
  
  Related Information: 
  The rescission period feature is part of SAP FS-AM-OM-AC Account Order Management, which is a suite of tools designed to help companies manage their orders and customer relationships. Other features in this suite include order tracking, customer segmentation, and analytics.