Note: The article below is in text form and is useful for searching the knowledge base for features and terms, however the attached PDF is more readable due to the more advanced formatting of text and pictures. To read the manual in PDF form, click the attached link below. 

Creating Schedules: User Guide

Version 2023.01

1. Overview

This manual explains the process of creating debit scheduling. 

Contents

1.      Overview.. 1

2.      Create Schedules. 2

2.1.       Navigate to Collection Schedule. 2

2.2        Adding a Schedule. 2

2.3        Options for ‘Frequency’ 3

2.4        Holiday Debits. 4

2.5        Required Fields: 4

2.6        Internal Memo and External Memo: 4

2.7        Special Fee: 4

2.8        Turn Off Debits. 4

2.9        View Collections. 5

3.      Schedule Calendar 6

3.1        Icons and Payment Status Meanings. 6

4.      Conclusion. 6

1. Create Schedules

   1. Navigate to Collection Schedule

Click on a deal under MCA deals. Go to the "Collection Schedule" tab.

Figure 2‑1 Collection Schedule

1. Adding a Schedule

Click the "Add Schedule" button. Fill out the required fields.

Figure 2‑2 Add Collection Schedule

1. Options for ‘Frequency’

The first dropdown, Frequency, has these options: 

• Daily 
• Weekly 
• Monthly 
• Same Day Debit (used for non-repeating schedules)
• One Time Debit 

Note:            Schedules must be entered prior to the cut-off times defined by the processor. For ACHWorks, Same Day Debit schedules must be entered before the 1:30 PM EST cut-off time. Daily schedules must be entered before 8:30 PM. Any later, will count as a Same Day Debit for the following day.

1. Holiday Debits

Holiday Debits occur on bank holidays, which can be referenced in the system under the Fed Holidays tab. Options for Holiday debiting include:

• Turn off bank holiday debits (resulting in additional days added to the collection schedule).
• Collect twice one day before.
• Collect twice on the day after.

Note: Weekly and monthly schedules are not affected by these options.

1. Required Fields: 

• ABA number
• Account number
• Bank name
• Recurring amount

  1. Memos 

• Internal Memo: For company use, displayed under transaction description in the system.
• External Memo:Provided to the bank, visible to the customer in their bank account transaction details.

  1. Special Fee: 

This fee goes directly to the house, not split between syndicators. It is similar to a bank fee and is applicable when setting up deals where the house is compensated for services rendered, either in lieu of or in addition to its syndication split.

1. Turn Off Debits

This button allows you to pause one or all debit schedules for a specified number of days. After this pause, the debit schedule will resume normally.

Figure 2‑3 Turn Off Debits and View Collections Buttons

1. View Collections

This button allows you to see the details of each debit sent from the bank, as well as giving you the option of manually revoking the debit if it hasn’t gone through yet.

Figure 2‑4 Collection Data button in View Collections button.

1. Schedule Calendar

In the next tab, Schedule Calendar, you can view the created schedules as well as debits that have already occurred and future scheduled debits.

1. Icons and Payment Status Meanings

Icons representing payment status include:

•        Failed

•        Success

•        Pending

•        Future (indicating a debit scheduled for a future date).

Figure 3‑1 Schedule Calendar

1. Conclusion

This covers the process of scheduling payments. If you have any further questions or need assistance, please refer to the user manual or contact our support team.