Navigate to: Stores > Stores >Manage Stores> Approval Management

For ‘Approval Type = Payment’, administrators can set the following:

• "Set approval for Orders above ($)", above which the approval would be required
• Approval level, which indicates approval will be required from a single approver or multiple approvers. 

When the approval type is set to Payment, the admin can configure approval routing for specific payment methods.

In this case, the "Add New Payment Configuration" button becomes visible. Upon clicking it, a section opens where the admin can select one or more payment methods and associate approvers for each selected method.