Payment Type - Want to Default and Hide

Hello -

We've determined we have no need for the Payment Type field.  Therefore, I'd like to default the value and hide it.  I've attempted to use the Page/Field Configurator.  That works to hide the field, but it's a required field, so I still need to populate a value.  Using the Default field on the Page/Field Configurator doesn't work either.  It doesn't like that the filed is a dropdown.

Secondly, I attempted to add a Payment Type default to my Update Profile page.  See image.  This did not work either.  Interestingly, the Business Purpose field defaults perfectly, but not the Payment Type.