If the debt cannot be paid in full by a single payment and the company allows for payment arrangements, agents can create payment arrangements on the workcard.
A Payment Arrangement is an agreement between the debtor and the company to start making payments on a debt on a scheduled amortization. It allows for accounts to be partially paid, settled in full or paid in full depending on the setup.
The figure below illustrates navigation to the Payment Arrangement Rule table:
Below is a sample monthly payment arrangement rule setup.
Result codes are user-definable sets of logic that allow you to update virtually any account and/or demographic level field. This becomes very useful in payment arrangements.
Step 1: Click “Add” or “Edit” at the bottom of the page
Step 2: Fill out field information as desired
Step 3: Open the work card to create a payment arrangement on the account
The figure below illustrates navigation to the work card:
Step 3b: Expand the Action menu on the left side of the workcard to open the Payment Arrangement window
Step 3c: Choose MLY from the Payment Arrangement Rule drop down list. Enter payment amount, down payment date and amount (if applicable), due date and then click on Calculate button at the bottom of the page
At this time, agent can choose from the Transaction Type drop down list if payments to be made for this payment arrangement are by Check, ACH or Credit Cards or can be left at None if payment information is not available at the time.
If agent chooses one of the transaction types, the Pay Method fields will show and user will have to fill out with data.
Step 3d: Then Save at the bottom of the page when Payment Arrangement is completed.