Error: “The operation has timed out.” when adding a payment, since upgrading to SQL Server 2014.

Error: “The operation has timed out.” when adding a payment.  This has occurred since upgrading to SQL Server 2014.
This is a result of using Microsoft SQL Server 2014 - 120 Compatibility level.  In order to resolve downgrade the CL level to 110 per the system requirements linked below:

CRM v4.0 requirements: https://www.blackbaud.com/files/sysreqs/bbecreqs40.pdf

SQL Server 2012 Enterprise. SQL Server 2014 Enterprise with compatibility level 100 or 110. SQL Server 2014 with compatibility level 120 is not recommended.

Environment

 4.0.131.0

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