Hi @[deleted] Vail
The feature is working. How did you configure it?
Simply go to the Options\Payments Methods and enter new payment method and click SAVE, shown here. The new payment method will be shown in the new payment method (new payment).
Also, it is shown in the old payments, check here.
This is tested on older version 7.25 and the newest one as well.
Are you sure you didn't skip some step?