Payment Arrangements
Enables you to search, filter, export, view individual payment arrangements, their instalments and identify if they are on-track or in arrears.
A payment arrangement is an arrangement made ewith a customer to pay out the remaining amount due in monthly instalments. The customer receives a payment link with prrovides an option to create a payment arrangement based on some pre-defined payment arrangement rules, configured in the Payment Arrangemnt Configurations section.
Understanding Payment Arrangement Statuses
An Payment Arrangement can have different statues. A typical happy path scenario will be from Active to Completion, However, the other statuses mentioned below are also viable statuses.
Status | Description | Context |
|---|---|---|
Not started | The customer decides to start the arrangement on a future date. | The permissible start date can be configured using the Maximum start date term in the Payment Arrangemnt Configurations section. |
Active | The customer is on an active payment arrangement | |
Paused | The payment arrangement is paused when the invoice has been paused. | An invoice on a payment arrangement can be paused from Invoice Details |
Cancelled | The payment arrangement has been cancelled | The following reasons can lead to an arrangement cancellation
|
Completed | The payment arrangement has reached completion |
On Track / Arrears
A payment arrangement is On Track when the amount paid is greater than or equal to the sum of all instalments that should have been paid at a point in time.
A payment arrangement is Overdue when its not on track. In other words, the amount paid is less than the sum of all installments that should have been paid at a point in time.
Arrears balance - When the payment arrangement is overdue then it is the difference between the sum of all instalments that should have been paid and the amount actually paid at a point in time.
Updated 20 days ago