This error is encountered when the account does not have any Payment methods setup. Reference Checkout 2.0 comes with a payment module that will display the three payment options - Credit/Debit, PayPal, and Invoice in the Checkout page.
There are a number of settings that need to be done for this component to be available:
1. Credit/Debit Card
- Credit Card Processing gateway should be set-up
- For new customers, there should be a preferred term (Setup> Accounting> Accounting Lists). For existing customers, they must have terms set on the customer record.
- Setup> Site Builder> Set up website> Shopping> Sales Order type = Per Customer Basis and
- Shopping tab> Payments Page section> Allow non-credit card payment methods during Checkout should be enabled
- Paypal integration feature should be enabled and Paypal account should be created
- Select the Paypal account in Setup> Site Builder> Setup Website> Setup tab
- Setup> Site Builder> Setup Website> Shopping> Payments Page section> Allow non-credit card payment methods during Checkout should be enabled
* A tabbed appearance of the Payment Methods page is used if at least two of the payment options are enabled in the site.