Feature #183
Updated by Dheeraj Kumar about 2 months ago
**Flow of Recurring Payment Services**
1.This process will select the qualified installments which are due. Loan must be Active.
2.Loans must be active, and due date equals or less then execution date for example of due dates are 10th Nov and 11th Nov and execution date is 11th Nov then these installments (10th and 11th will be selected for payment) Note, any canceled loans should not be paid from this payment service.
3.Only due amount will be charged form installments for example a partially paid installment, like if $5,000.00 has been paid out of $15,000.00 then the due amount is only $10,000.00 that should be charged.
4.Consider the late fee or any other fee, for example if above there is late fee of $2,500 and installment due amount is $15,000.00 then amount will be
5.$15,000.00 + ($2,500*GCT%) + $2,500.00
6.Once payment received apply on the loans and update balances.
7.System execute the payment based on CC’s Token (technical document attached)
8.Crete the logs of execution and clearly differentiate the how many loan get paid from Request payment services and how many failed. Failed transaction must be group by the reason, it will helpful MIB to get contact with client and get paid.
9.LPI can show the above information in the form of Reports, so MIB can get the details of execution,
10.Executive Summary Notifications, of each day’s execution should be send to MIB designated emails. Which contains the information todays Executions X loan has been paid and Y loan has been failed, click below link to get details. (this link will navigate to platform and report page) later user can apply standard filters.
11.Clients should notify about the payment applied on their loan.
**When should the recurring payment process run? **
It should run daily on 1 AM Jamaican time, this is configurable. NOTE this payment job should be configure before the LATE fee & Cancelation job.