Authorize.NET Hosted: Unable to Create Payment Profile: Customer Information Manager is not Enabled.

Problem: Why I am receiving an error with the new Authorize.NET Hosted payment method stating "Unable to Create Payment Profile: Customer Information Manager is not Enabled" ?
 
 
Solution: If you receive the above error with the new payment Authorize.NET Hosted after you enter your card details then you would need to reach out to Authorize.NET and request them to sign up for Customer Information Manager(CIM) as indicated below
 
 
Important Note: Once you are signed up for CIM you must also check the option "Use CIM Profiles" for the new payment method created for Authorise.NET Hosted under Admin>Preferences>Payment Methods>Edit Payment Method "Authorise.NET Hosted">Use CIM Profiles