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To accept COD (cash on delivery) as a Payment Method, click the checkbox to the right of the "Accept COD" Field. Four more fields will be revealed.

 
Field #1: Approved customers only: Check this box if you want to accept COD orders for your "pre-approved customers only".
You must enable customer profiles for this functionality. If you haven't already done so, navigate to:

Panel

Main Menu Configuration Customer Profiles

and check the box for "Enable Customer Profiles".
You also must configure each customer's profile at:

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