Finance | Payments | How Direct Bill Payment Dates Are Set

Finance | Payments | How Direct Bill Payment Dates Are Set

Modular Solutions  |  Finance Module  |  Client Resource

Purpose

Explain what decides the date a Direct Bill payment is taken, and how to change it.

Overview

Direct Bill instalments are scheduled on the policy's preferred payment day. They are not scheduled from the effective date of the transaction that created them, which is why a renewal or a change effective part way through a month still produces instalments on the usual day.

The preferred payment day is held against the policy term and can be changed from the policy's payments panel.

Expected Behaviour

• The payments panel menu on the policy carries Change Payment Method, Change Preferred Payment Day, Change Payment Plan, Add Money Down and Download Payment Schedule.
• Change Preferred Payment Day asks for the Policy Term first, then shows Payment Schedule Effective Date and Preferred Payment Day.
• Preferred Payment Day is a day of the month, chosen from a list.
• Payment Schedule Effective Date defaults to the next instalment that has not yet been taken. The new day applies from that instalment onwards.
• Instalments dated before the Payment Schedule Effective Date are not moved.
• The scheduled instalments on the Payments tab all fall on the preferred payment day for the term.

Steps

1. Open the customer file and select the policy and term.
2. On the Payments tab, open the menu at the top right of the panel.
3. Select Change Preferred Payment Day.
4. Choose the Policy Term.
5. Check the Payment Schedule Effective Date, which is the instalment the change takes effect from.
6. Choose the Preferred Payment Day.
7. Select Save, then check the Payments tab shows the dates you expect.

Notes and Edge Cases

• Changing the preferred payment day does not change the amount of each instalment, only the date it is taken.
• Where a payment has already been taken or is pending, it is not moved. Set the Payment Schedule Effective Date to the first instalment that should change.
• The payment plan and the preferred payment day are separate settings. Change Payment Plan alters how many instalments there are; Change Preferred Payment Day alters when they fall.
• Download Payment Schedule, in the same menu, gives the full schedule for checking against what the customer expects.

Status

Available.

Version / Sprint Reference

Finance module, current release.