How To Setup Transaction Types For ACH Payments
Collect! ships with several pre-set Transaction types for use with Payment Processing.
The ACH Payments Setup screen is where you predefine the Transaction Types you want the module to
use for processing your ACH Payments.
ACH Payments Setup
By default, the module will use the following Transaction Types, but you may select and set up others
if you were already using any of the below-captioned codes for other purposes:
- 107 - Payment
- 105 - Payment Reversal
- 301 - NSF Charge
- 307 - Convenience Fee
- 305 - Convenience Fee Reversal
The default settings and general use for each of the Transaction Types are described below.
All three of the Fee/Charge codes are preset to "Omit from client statement" and "Omit from
daily cash report".
If your company reports fees/charges to your client and considers these revenue transactions, these
default settings will need to be modified to suit your operational preferences.
ACH Payment
To view the Transaction Types and their internal settings, your menu path is "System\Financial
Settings\Transaction Types". This launches a view of your Transaction Type list of existing codes,
and from there, you can view/create/edit as needed.
Transaction Code 107
This is a Financial Type "Payment" with a Description of "Check Payment Taken by Phone".
107 - Payment
ACH Payment Reversal
This is a Financial Type "Payment" used for reversing ACH payments when fail to negotiate the bank
for reasons such as NSF/Stop/Hold/Account Closed etc. It has a Description of "Returned NSF Check".
This is the same NSF code that would be used for non-ACH check reversals as well.
Transaction Code 105
105 - Payment Reversal
It is not necessary to have an ACH ONLY check reversal code.
Exception: If your office does use an NSF Contact Plan that is launched
by the posting of an NSF reversal, AND you do not wish that same strategy to be invoked to
act upon ACH payers, you may wish to set up and ACH Only NSF Transaction Type that does NOT
have the general NSF strategy initialized by the posting with the code.
NSF Charge
If your agency charges debtors NSF fees (i.e. a flat amount $25 or $40 for every returned check),
then you will want to include this Transaction Type code in your ACH setup.
It is a Financial Type "Fee" which is preset with the flat amount you will add to the debtor's balance
in the event of an ACH payment that has been reported to you for reversal by the Payment Provider.
Transaction Code 301
301 - NSF Charge
ACH Convenience Fee
This is a Financial Type "Fee" with a Description of "ACH Convenience Fee" used for posting the
add-on cost you may be charging to debtors when your process checks by phone.
Transaction Code 307
307 - Convenience Fee
ACH Convenience Fee Reversal
This is a Financial Type "Fee" used for reversing a convenience fee when an ACH payment is reported
back as having failed to negotiate the bank. It has a Description of "ACH Convenience Fee Reversal".
Transaction Code 305
305 - Convenience Fee Reversal
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