Introduction To Post-Dated Payments

What is a Post-Dated Payment?

A Post-Dated Payment is a Payment Transaction with a Paid Date, a payment amount in To Us, and NO Posted Date. This is a formal promise to pay a definite dollar amount on a specific date. It may be a post-dated check or a credit card payment, for instance. This may be a single promised payment or a series. The Payment Plan automatically posts a series of post-dated payments, but you may post single or multiple post-dated payments in other ways as well.

When a payment is received, you locate the appropriate transaction and fill in the Posted Date.

For overpayment, underpayment and missed payments, you have to manually correct the values entered in the post-dated transaction or delete it altogether. For this reason, post-dated payments are best used in situations where you are reasonably sure that the payments will be consistent and met on time.

Many possibilities exist for managing post-dated payments:

• Delinquent post-dated payments may be viewed through Daysheets - Promises. You can create a report to manage them and schedule it with a contact plan.
  
  
• Reports are shipped with Collect! to scan post-dated payments entered in the system and print checks for Form #1000 on the appropriate date due.
  
  
• If you need to send a letter informing the debtor of the date the post-dated payment will be due, this can be designed and run scheduled automatically through a contact plan.
  
  
• A variation of this allows you to enter only one transaction at a time and use a contact plan to automatically create the next post-dated transaction according to conditions that you set.

The scenarios can be set up to suit your needs. To start simply, manually enter the post-dated payment transaction and work it through to payment to see what else you need, such as notices, printing checks, handing broken promises and so on.

Using Billing Tree Service For Post-Dated Payments

Billing Tree Service enables you to process credit card and ACH payments electronically through Collect!'s Billing Tree connection. This is a full-featured solution for managing single and recurring payments made by credit card or by bank draft. External payments posted at the Billing Tree web site are also reconciled and posted within Collect!. Recurring scheduled payments are fully managed within Collect!'s promised payment system.

See Also

- Post-Dated Payments - Quick Tour
- Post-Dated Payment Topics
- Billing Tree Service