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Payment Plan Actions

Payment Plan Actions are contact plans used to automatically manage payment plan payments. The actions cover full payment, underpayment, and overpayment. When a payment is received for an account that has a payment plan, the amount and date of the payment are evaluated to determine which action to perform on the account.

Payment Plan Actions are set in the Payment Posting Options form and are enabled when you switch ON 'Automatically manage promises' in the same form.


Payment Plan Actions set in Payment Posting Options

tip.gif The contact plans used for payment plans must be set up beforehand or must exist already in your system. They are shipped with Collect! and may be copied from the Demonstration database.

Collect! ships with plans and settings in place to manage payments automatically. We will explain how each plan performs.

We will cover:

  • Automatically Manage Promises
  • Promise Full Payment
  • Promise Underpayment
  • Promise Overpayment

Automatically Manage Promises

This switch in the Payment Posting Options MUST be enabled with a check mark to manage your promises, whether or not you choose to use Promise Contact Actions. By itself, when switched ON, the switch will handle promised payment on accounts, as outlined below.

  • Collect! will advance the date in the Promise field to the promised date of the next transaction when a full payment is posted to the account.

  • Collect! will not advance the date in the Promise field when an underpayment is posted to the account.

  • If the Due Date passes without a payment, the Promise field will display as delinquent - red.

If there are contact plan codes in the Payment Plan Actions section, then additional steps will be taken whenever an account has a Payment Plan. Each of these steps is described below.

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Payment Plan Full Payment

The Payment Plan Full Payment (PPF) plan will run when a payment is posted that matches the Amount of the promised transaction for the account.

This plan writes a line to the debtor's Notes. You may add your own events, such as sending a letter confirming receipt of payment.

tip.gif Even without a plan in this section, Collect! will display the next promised Due Date when a full payment is posted to the account.

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Payment Plan Underpayment

The Payment Plan Underpayment (PPU) plan will run when a payment is posted that is LESS than the Amount set in the promised transaction for the account.

This plan writes a line to the debtor's Notes. You may add your own events, such as sending a letter informing the debtor that the promise was not met.

tip.gif Even without a plan in this section, Collect! will not advance the date in the Promise field when an underpayment is posted to the account, but will keep track of how much more is needed to satisfy the promised payment.

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Payment Plan Overpayment

The Payment Plan Overpayment (PPO) plan will run when a payment is posted that is MORE than the Amount set in the promised transaction for the account.

This plan writes a line to the debtor's Notes. You may add your own events, such as sending a letter confirming receipt of payment and informing the debtor that the payment was an overpayment.

tip.gif Even without a plan in this section, Collect! will advance the date in the Promise field to the Due Date of the next promised transaction when an overpayment is posted to the account.

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Summary

Payment Plan Actions are contact plans that enable you to perform custom actions as Collect! automatically manages promised payments on your accounts. You can schedule whatever events you need for full payment, underpayment, or overpayment. Any payment posted to an account with a Payment Plan will trigger one of the payment plan contact plans.

Remember that whenever you use contact plans, you have to be careful that you know every step the plans will take on your accounts.

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See Also

- Payment Plan Topics

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