Customer-specific conflict in creation status of payment scheme

What causes this issue?

The check performed by the customer module for event R520 determined
inconsistencies in the payment conditions, payment scheme category,
payment frequency, and creation status.

System Response

You cannot create a payment scheme.

How to fix this error?

Enter a payment frequency and a creation status that fulfill the checks
from event R520 or change the checks in R520.

Procedure for System Administrators

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Error message extract from SAP system. Copyright SAP SE.