Facts about Debtor Agency Payment Processing

Following are facts about payment processing.

1. The system maintains a placement amount, a primary balance, an interest balance and up to ten secondary balances 
2. Debtor-agency transactions involve transactions which affect the debtor's balance and will, in most cases result in fees being billed to the client at the time a "remittance statement" is generated
3. There are different "payment codes" for different types of transactions. (E.g. paid to agency, returned check or balance adjustments)
4. If secondary balances exist, the user is allowed to distribute a payment among the different balances. The system can also be set up to automatically distribute a payment among the different balances, paying off certain balances before others
5. In the case where there are linked accounts (multiple accounts for the same debtor) the user is able to distribute a payment among different accounts
6. Payment processing is a "batch" process. This means that transactions are first entered, an edit is printed and the batch is then posted, provided the user is satisfied with the edit list
7. Different users can be entering payments at the same time. Batches are separately maintained by user ID. Each user can only enter, edit and post transactions which are a part of their batch
8. The system allows a user to maintain several open payment transaction batches  
9. The system allows a user to produce a receipt on demand to all the debtors within a single batch at the payment entry level
10. The system allows a user to produce a receipt on demand to a specific debtor within a single batch at the payment entry level
11. The system allows a user to produce a receipt on demand to a cosigner within a single batch at the payment entry level
12. The system allows you to produce a receipt in the nightly that can be mailed
13. You have the ability to back date a payment but do so with caution. This can affect stats, statements, etc
14. A positive amount entered will increase the commission while a negative amount will decrease the commission
15. It is possible to enter more than one transaction for a case number within the same batch of payments with the exception of overpayment transactions. Overpayment transactions need to be handled in separate batches
16. You can override which collector code gets credit for a payment
17. You can override the commission on an account
18. You can account for a forwarding agency retaining their commission so your cash will balance

Keywords - Article Payment Processing  Article Payments Kbase Payments