What is payment frequency in SAP FS-PM - Policy Management?

SAP Term: payment frequency

• Component: FS-PM

• Component Name: Policy Management

• Description: Specifies the time intervals used to collect the premium.

Smart SAP Assistant

• Key Concepts: 
  Payment frequency is a feature of the SAP FS-PM Policy Management component. It allows users to define the frequency of payments for a particular policy. This can be done by setting up payment cycles, such as monthly, quarterly, or annually. The payment frequency can also be set up to be flexible, allowing for payments to be made at any time. 
  
  How to use it: 
  To set up payment frequency in SAP FS-PM Policy Management, users must first create a policy. Once the policy is created, users can then define the payment frequency by selecting the desired payment cycle. They can also set up flexible payment frequencies by selecting the “flexible” option. 
  
  Tips & Tricks: 
  When setting up payment frequencies in SAP FS-PM Policy Management, it is important to consider the needs of the policyholder. For example, if the policyholder requires regular payments, then a fixed payment cycle should be selected. On the other hand, if the policyholder requires more flexibility in their payments, then a flexible payment cycle should be selected. 
  
  Related Information: 
  For more information on setting up payment frequencies in SAP FS-PM Policy Management, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/FS-PM/2020/en-US