Revolving Post-Dated Payment

Revolving post-dated payment uses a single post-dated transaction and a contact plan to automatically create the next post-dated payment whenever a payment is received. This enables you to create a promised payment plan with only one outstanding transaction on the account at any given time.

The revolving post-dated transaction may be set up using contact plans and initiated from the Debtor screen. It is actually a plan within a plan.

For example:

PLAN A

- write to notes - Plan started
- Change status to Plan Active
- Run a Plan (B) with Prompt to confirm details

PLAN B

- repeating Transaction with Prompt to confirm
- revolving
- enter Transaction Type and Amount of payment

Using this structure, you can enter monthly principal amounts, or charges that are due on a consistent timed interval. Prompting to confirm details allows you to adjust the amount of a payment or the transaction type.

An additional contact plan may be run from the transaction type that you choose. This can give you the ability to spawn other events, depending on your needs.

When the Debtor's Owing reaches zero, the plan can be shut off, automatically, through settings you set in Payment Posting Options.

If a payment is missed, a reminder notice can be scheduled and, if necessary, the account can be escalated to be reviewed by a Collector.

Electronic File Transfer

Using the method described above, Electronic File Transfer (EFT), used for authorizing 'Direct Debit' from debtors' bank accounts, can be handled very easily.

You will have to create a report to pull the information that you need from the database in the format required by the business that is processing your electronic file. Please refer to Modern Payments ACH for an example.

Create a separate transaction type for EFT transactions. In this transaction type, you will want to call a contact plan that confirms that a withdrawal has been made and alerts the Debtor of the next withdrawal. (This is required by law in many jurisdictions.)

Post-Dated Checks

Take Checks Over The Phone can be used in a similar way, to create post-dated checks. Actually, only one check is scheduled at any given time, but the result is the same as if you were given a batch of post-dated checks by a Debtor.

The Check - Form #1000 report is shipped with Collect! This report works with Form #1000 forms available through VersaCheck on the web, or through your stationery supplier.

Currently, this report looks for a Transaction Type 107. You can call a contact plan from this transaction type to confirm the check posting and to alert the Debtor that the next check will be cashed. (This is required by law in many jurisdictions.)

Using Billing Tree Service For Managing 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.