How to apply payment arrangements in MA!N
A large part of our customers are using MA!N for collections management and one of the most used features are payment arrangements. This feature sounds quite straightforward, but through the years we’ve implemented a wide variation of this feature. We’re going to give you a brief introduction to the most common variations.
Creating a payment arrangement
A payment arrangement consists of two or more terms that will be paid across an agreed period of time. The most used schedule is the monthly schedule, but it’s also possible to use other ones. You can use fixed amounts for each term, but sometimes it’s more effective to use different amounts. In the latter the customer will pay different amounts during the payment arrangement.
Confirmation and reminding
MA!N offers the option to send a confirmation to the customer regarding the payment arrangement that you have entered in MA!N. Besides the confirmation MA!N can also help the customer to comply with the payment arrangement. For example by sending monthly notifications by email or text messages. This can be applied by default, but it’s also possible to let MA!N send reminders based on customer behaviour. In the latter the customer only gets reminders if he or she missed a term during a certain period.
Monitoring a payment arrangement might also seem pretty straightforward. A customer misses it term or not. In a perfect world it’s indeed dead simple, but when you’re talking about large numbers of arrangements you might want another set up. That’s because you want to avoid that users will have to execute unnecessary actions for missed terms. This can be achieved by adding margins for amounts, dates and behaviour.
We have a payment arrangement with monthly terms of € 100. By applying a margin, for example € 2, MA!N will also mark a term as paid in case a customer only pays € 98.
Adjusting a payment arrangement
During a payment arrangement there might occur new invoices or claims. Sometimes this is reason enough to end a payment arrangement, but sometimes you might also want to add these new claims to an existing arrangement.
These are the most common features, but MA!N offers more. Please contact us in case of any questions or ideas.