Payment distribution settings
- 1 1. Introduction
- 2 2. Calculate Date Backwards
- 3 3. Put Residual On Last Payment Instead Of First
- 4 4. Preferred collection day
- 5 5. Collect on Preferred Day Before Instalment Period
- 6 6. Collect Adjustments immediately
- 7 7. Skip Adjustment Bundling
- 8 8. Adjustment Bundling Threshold In Days
- 9 9. Minimum Unit Length In Days
- 10 10. Merge Window in Days
- 11 11. Grace Period
- 12 12. Collect Tax Upfront
- 13 13. Combine Items
- 14 14. Adjustment Round To Decimal Places
- 15 15. Non Regular Period
- 16 16. Invoice Submission Period In Days
- 17 17. Subsequent Invoice Submission Period In Days
- 18 18. Credit Submission Period In Days
- 19 19. Subsequent Credit Submission Period In Days
- 20 20. Minimum Waiting Period Before Procession In Hours
1. Introduction
On this page, you can configure Seamless to distribute payment schedules from policy start (current default) or the end date so that the “odd one out” happens to be the first one
[ST] Seamless empowers users to specify the allocation of residual amounts, offering the choice to apply it to either the first or final installment (Put Residual On Last Payment Instead Of First). Additionally, it provides a variety of settings enabling users to determine the due dates for installments, such as selecting a Preferred collection day and the option to Collect on Preferred Day Before Instalment Period. For more detailed information, visit https://contemi.atlassian.net/wiki/x/J4DZbQ.
2. Calculate Date Backwards
Define how installment periods are calculated for a given policy period.
For instance, if a policy period 15.01.2022 - 31.12.2022
The option is No: then the installment periods will be from the start date + 30 days: 15.01-14.02, 15.02-14.03,…,15.12-31.12
The option is Yes: then the installment periods will be from the start date to the end of the month, even if your start date is the middle of the month: 15.01-31.01, 01.02-28.02, 01.03-31.03,…,01.12-31.12
3. Put Residual On Last Payment Instead Of First
Define where the residual amount should be allocated, and whether it should go towards the first or final installment.
For instance, when you have 122 kr and 12 installments, there would be 2 kr which cannot be equally distributed across all the installments.
The option is Yes: we will have 2 kr at the end of the month. The installment plan will be 10, 10, 10......12
If the option is No: the 2kr will be in the first month. The installment plan will be 12, 10, 10......10
4. Preferred collection day
The day on which the installment due date should fall each month. Default None means there is no preference. If there is an installment period, Seamless will set up the due date to be the start date of the installment period.
For example, 15.01 - 14.02 will have 15th as the due date. However, if there is a preferred selection of 1, the due date will be the 1.02
5. Collect on Preferred Day Before Instalment Period
These are 2 scenarios when using this configuration
Precondition | The purchased policy | Result |
|---|---|---|
The configuration
| The policy period is 15/01/2023 - 31/12/2023 The policy is purchased on 01/01/2023, which is near the policy start date
|
|
The policy period is 01/02/2023 - 31/12/2023 The policy is purchased on 01/01/2023, which is far the policy start date |
|
6. Collect Adjustments immediately
The default option is Yes
The option is Yes: Seamless will bundle all payments that are adjusting previous invoice payments and create a single transaction. This essentially concerns back-dated adjustments of already invoice installments.
7. Skip Adjustment Bundling
The default option is No.
The option is Yes: the Collection Adjustments are superseded immediately. And it creates a separate adjustment for every adjusted period that has already been processed. Each adjustment transaction created will point to the transaction it is replacing
Notice! If Skip Adjustment Bundling and Collect Adjustments immediately are No, there is no special processing for adjusted periods - meaning that they will be handled during normal distribution
8. Adjustment Bundling Threshold In Days
Applicable when adjustment installments are created separately. (By setting SkipAdjustmentBundling as yes). For these installments that are created, we need to set a due date. We will align this due date with any upcoming installment within the configured number of days.
For example, we are in 27/03 and an adjustment is created for 20.03-14.03. The due date of this will be aligned to the upcoming 15.03-14.04 installment.
9. Minimum Unit Length In Days
This helps find the minimum no.of days that we should consider as one installment period.
For instance, if you have a policy 25.01 - 31.12, with monthly installment, and Calculate Date Backwards is yes, we will have installment periods for 25.01-31.01, 01.02-28.02, 01.03-31.03..... 01.12-31.12.
If this is set to 5 days as an example, then we will have 25.01-31.01, 01.02-28.02, 01.03-31.03..... 01.12-31.12.
If it is set to a standard of 15 days or so, we will have 25.01-28.02, 01.03-31.03...., 01.12-31.12
10. Merge Window in Days
Ideally, it should be set to 0 days. When we add some new installments, or handling adjustments, based on this configuration, we will merge the amount with the next installment
11. Grace Period
The grace period is the minimum number of days you allow between the purchase of a policy and the first installment's due date.
Ideally, all installments should be due on the first day or the preferred day, depending on your configuration, like the preferred collection date. However, in situations where you buy a policy that is either backdated or very soon, you want to provide a buffer time before expecting the customer to make their first payment. This buffer is important because certain payment methods, like sending an invoice, might take some time to reach the customer.
12. Collect Tax Upfront
TBD (This setting is for Denmark. It is not applicable for other countries.)
13. Combine Items
TBD
14. Adjustment Round To Decimal Places
TBD
15. Non Regular Period
TBD
16. Invoice Submission Period In Days
Configure the number of days before the first installment due date so the invoice (positive installment) will be frozen and exported.
For instance, the invoice submission period in days = 3. When the first installment due date is 04/01/2023, then the installment will be frozen and exported at 01/01/2023 (Booking on)
Frozen installment = the system will freeze the installment and won’t let the installment be changed.
17. Subsequent Invoice Submission Period In Days
Configure the booking on date, as number of days before the next installment due date so the invoice (positive installment) will be frozen and exported.
For instance, the Subsequence invoice submission period in days = 3. When the second installment due date is 04/01/2023, then the installment will be frozen and exported at 01/01/2023 (Booking on)
18. Credit Submission Period In Days
Configure the number of days before the first installment due date so the credit (negative installment) will be frozen and exported.
For instance, the Credit submission period in days = 3. When the first installment due date is 04/01/2023, then the installment will be frozen and exported at 01/01/2023 (Booking on)
19. Subsequent Credit Submission Period In Days
Configure the number of days before the next installment due date so the credit (negative installment) will be frozen and exported.
For instance, the Subsequence credit submission period in days = 3. When the second installment due date is 04/01/2023, then the installment will be frozen and exported at 01/01/2023 (Booking on)
20. Minimum Waiting Period Before Procession In Hours
TBD
If you would like to request an article, drop us a mail at production.support@contemi.com