Customize installment fee by payment method

Feature summary

BriteCore now provides the ability to customize installment fees by payment method in a billing schedule via the customize installment fee by payment method feature. Setting different installment fees per payment method, such as ACH, credit card, or manual/cash, can be used to incentivize customer enrollment in auto-pay. Previously, this was accomplished by creating multiple billing schedules.

Similar to core billing schedule installment fees, you can create separate fees for the initial invoice installment and for recurring installments.

This new feature adds additional customization to billing schedules that were only customizable by the policy term length, the bill whom, and the written premium.

Changes

When you create or edit a billing schedule, you can set installment fees by payment method, due to the following changes:

  • The Recurring Installment Fees and Initial Installment Fees sections have been added beneath Display Options on the left side of the Edit Billing Schedule dialog box.
  • In the Recurring Installment Fees section, when you select the checkbox(es) next to ACH, Credit Card, or both, you can establish the recurring installment fee(s) for the corresponding checkbox(es).
  • In the Initial Installment Fees section, when you select the checkbox(es) next to ACH, Credit Card, or both, you can establish the initial installment fee(s) for the corresponding checkbox(es).
  • Manual/Cash payment installment fees are covered by the core installment fees established in the main Installments section of the Edit Billing Schedule dialog box.
    Figure 1: The Edit Billing Schedule dialog box accessed from Policy Lifecycle.
  • A fee of $0.00 or greater is allowed to be selected as the installment fee.
  • The payment method selected within the Billing Setup tab of the Accounts Receivable screen determines the installment fee applied for each installment.
    • If you select ACH as the payment method, and an ACH initial installment fee is set up in the billing schedule, the ACH initial installment fee will be applied to the initial installment. If an ACH initial installment fee isn’t set up in the billing schedule, the installment fee for the initial invoice will default to the core installment fees.
    • If you select ACH as the payment method, and an ACH recurring installment fee is set up in the billing schedule, the ACH recurring installment fee will be applied to recurring installments. If an ACH recurring installment fee isn’t set up in the billing schedule, the installment fee for the recurring installments will default to the core installment fees.
    • If you select Credit Card as the payment method, and a credit card initial installment fee is set up in the billing schedule, the initial installment fee will be applied to the initial installment. If a credit card initial installment fee isn’t set up in the billing schedule, the installment fee for the initial invoice will default to the core installment fees.
    • If you select Credit Card as the payment method, and a credit card recurring installment fee is set up in the billing schedule, the credit card recurring installment fee will be applied to recurring installments. If a credit card recurring installment fee isn’t set up in the billing schedule, the installment fee for the recurring installments will default to the core installment fees.
    • If you select Manual/Cash as the payment method, the core installment fee will be applied.
  • If the billing schedule is changed, the current payment method in the Billing Setup tab will be used to regenerate invoices and installment fees.
    Figure 2: The Billing Setup tab of the Accounts Receivable screen. Note the Payment Method section.

Adoption considerations

  • When the billing schedule is updated to include ACH and/or credit card installment fees, the change will only be applied to an existing policy if the invoices are regenerated.
  • A difference in fees billed from initial installment to final installment may occur if a billing schedule is changed and invoices are regenerated.
  • The quote flow will be updated soon to reflect the appropriate fee per selected payment method, instead of asking for the core installment fee when the ACH or credit card payment method is selected.

Questions

For more information, please reach out to your customer service representative or support team.

 

 

 

 

 

Additional information