What is payment method in SAP SRD-CRM - CRM-Customer Relationship Management?

SAP Term: payment method

• Component: SRD-CRM

• Component Name: CRM-Customer Relationship Management

• Description: The means used to purchase goods or services or to pay employees or service agents for work performed. Payments can be made, for example, by credit card, cash, transfer, or exchange.

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• Key Concepts: 
  Payment method is a component of SAP Customer Relationship Management (CRM) that allows customers to select a payment option when making a purchase. It is used to define the payment terms and conditions for customers, such as the payment due date, payment method, and payment currency. 
  
  How to use it: 
  In SAP CRM, payment methods are used to define the payment terms and conditions for customers. This includes the payment due date, payment method, and payment currency. Payment methods can be set up in the system by entering the relevant information into the Payment Method field. Once set up, customers can select their preferred payment method when making a purchase. 
  
  Tips & Tricks: 
  When setting up a payment method in SAP CRM, it is important to ensure that all relevant information is entered correctly. This includes the payment due date, payment method, and payment currency. Additionally, it is important to ensure that the customer’s preferred payment method is available in the system. 
  
  Related Information: 
  For more information on setting up and using payment methods in SAP CRM, please refer to the SAP Help Portal or contact your local SAP representative.