What is collector type in SAP FS-PE - Payment Engine?

SAP Term: collector type

• Component: FS-PE

• Component Name: Payment Engine

• Description: uses the following types of collectors: Customer collector for internal payment items: Used to collect recipient items, ordering party items, clearing items, and turnover items to post them later in a compressed form to an internal account as one total sum. Clearing collector for external payment items: Used to collect recipient items to process payment transactions with other financial institutions collectively during clearing of payment orders using bank clearing accounts.

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• Key Concepts: 
  Collector type is a feature of the SAP FS-PE Payment Engine that allows users to group payments into different categories. This feature allows users to easily identify and manage payments based on their purpose or type. For example, a user may create a collector type for “utility bills” and another for “vendor payments”. 
  
  How to use it: 
  To use the collector type feature, users must first create a collector type in the SAP FS-PE Payment Engine. This can be done by navigating to the “Collector Types” tab in the Payment Engine and clicking “Create Collector Type”. From there, users can enter a name and description for the collector type and save it. 
  
  Once the collector type has been created, users can assign payments to it by selecting the collector type from the drop-down menu when creating or editing a payment. This will allow users to easily identify and manage payments based on their purpose or type. 
  
  Tips & Tricks: 
  When creating a collector type, it is important to give it a descriptive name that will make it easy to identify. Additionally, it is helpful to include a description of the collector type so that other users will know what it is used for. 
  
  Related Information: 
  For more information on using the collector type feature in SAP FS-PE Payment Engine, please refer to the official documentation here: https://help.sap.com/viewer/product/FS-PE/2020/en-US