Payment Arrangement Configurations
Enables you to build tailored payment arrangement configurations and apply to specific days in the workflow.
A payment arrangement configuration is a re-usable configuration that can be applied to any step of any workflow.
Primarily, it enables you to setup:
- Allowed frequency of repayments, and the minimum amount to pay per chosen frequency
- Choose if you would like the customer to pay make a min. upfront payment when setting up their arrangement
- Setup how long the arrangement will run for
- When should the plan start
Configuration Details
Repayment Frequency
Repayment Frequency can be setup for the following frequencies:
- Weekly
- Fortnightly
- Monthly
For each of the above frequencies, you can enforce a minimum payment amount which can configured as:
- Absolute value
- Percentage of Amount due
- Based on repayment bands - This allows you to set a minimum payment based on the balance due range, for example. if balance is between $100 to $500, minimum installment amount must be $15.
Upfront amount
By enabling the upfront amount feature, a minimum upfront amount (either percentage of amount due or an absolute value) can be setup that requires the customer to make an upfront payment at the time of setting up their payment arrangement.
Repayment Term
A maximum repayment term can be setup either based on
- Fixed number of days
- Invoice due date + x days.
Use the Maximum start date term to set the maximum number of days the start of a payment arrangement can be delayed into the future (from current date).
Updated 9 days ago