Introduction To Promises
What is a Promise? A Promise is an agreement with a debtor
to pay a specific sum of money on a definite date. A promise
may be a single payment, multiple payments or a repeating
payment at regular intervals. How do we record these
promises in Collect!? Keep track of when the promise
is due? Know when it is met or broken?
A Promise may easily be managed in Collect! using a
Promise contact. Promise contacts are very useful for
scheduling single promise payments, multiple promise
payments, or a series of payments promised at a
repeating interval. Promise contacts provide a loosely
structured " payment plan" with far more leeway that
an actual payment plan. If payments are irregular,
incomplete or missed, Promise contacts keep track of
this and calculate correctly with no extra work on your part.
When you create a Promise contact, the due date of the Promise
will be displayed on the Debtor form in the Promise field. The
Promise will show up in the Operator's WIP List on that day.
Processing promised payments is controlled by the "Automatically
Manage Promises" switch in the Payment Posting Options form.
If this switch in ON, Collect! will automatically keep track of
whether or not the promise is met, forwarding the date to the
next Repeat period when appropriate, or marking the Promise
contact as Done, if needed.
When there is a Repeat value, Collect! forwards the contact
when a full payment is received for the dollar amount of the
Promise contact. The contact's Due Date is advanced to the
next Repeat period's date. Normally, the Promise Due Date is
advanced one Repeat period when a full payment is received.
If you switch ON 'Advance overpayments', the Due Date will
advance as far ahead as necessary if a payment is made
that fulfills the promise for several Repeat periods.
An unfulfilled promise or partial payment does not advance
and stays in the WIP List as delinquent. The Promise field
on the Debtor form turns RED when the Due Date passes.
Promises may be automated with contact plans. For
instance, you may want to send a letter when you set up
a promise on an account, write a line to the debtor's
Notes, and maybe print a coupon book. Also, several
actions may be taken automatically when a promised
payment is received. These are controlled by
Promise Contact Actions in the Payment Posting Options
form. Payment in Full, Overpayment, Underpayment, NSF
Payment and Broken Promises each trigger a contact plan.
These may be modified to suit your needs, or you may
choose not to run any of them.
Promises With Interest Details
When you are entering Interest Details for an account, you
can set up a Payment Period and a Payment Amount in
the Interest Detail form. Then, when you create a Promise
Contact, Collect! will automatically fill the Repeat value and
the Amount on the Promise to match the values you entered
in the Interest Detail form.
Billing Tree Module For Promised Payments
The Billing Tree Module 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
- Promise Contact Topics
- Billing Tree Topics
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