What is recurring payment in SAP FS-MCM-PDM - Payment Distribution and Monitoring?

SAP Term: recurring payment

• Component: FS-MCM-PDM

• Component Name: Payment Distribution and Monitoring

• Description: Standing order for the periodic payment of contributions to a plan or periodic disbursements from a plan.

Smart SAP Assistant

• Key Concepts: 
  Recurring payment is a payment method in SAP that allows customers to set up a payment plan for a certain amount of money to be paid at regular intervals. This payment plan can be set up for a specific period of time or until the customer cancels it. The FS-MCM-PDM Payment Distribution and Monitoring component of SAP is used to manage and monitor these recurring payments. 
  
  How to use it: 
  To set up a recurring payment in SAP, customers must first enter the details of the payment plan, such as the amount, frequency, and duration. Once this information is entered, the customer can then select the payment method they would like to use, such as credit card or bank transfer. The FS-MCM-PDM Payment Distribution and Monitoring component of SAP will then be used to manage and monitor the recurring payments. 
  
  Tips & Tricks: 
  When setting up a recurring payment in SAP, it is important to ensure that all of the details are correct before submitting the payment plan. This includes double-checking the amount, frequency, and duration of the payment plan. Additionally, customers should make sure that they have selected the correct payment method for their needs. 
  
  Related Information: 
  The FS-MCM-PDM Payment Distribution and Monitoring component of SAP can also be used to manage other types of payments, such as one-time payments or installment payments. Additionally, customers can use this component to view their payment history and track their payments over time.