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On this page, you can configure Seamless to calculate installment dates distribute payment schedules from policy start (current default) or the end date so that the “odd one out” happens to be the first one
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2. Calculate Date Backwards
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Define how installment periods are calculated for a given policy period. |
For
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instance, if a policy period 15.01.2022 - 31.12.2022
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The option is No: then the installment periods will be from the start date + 30 days: 15.01-14.02, 15.02-14.03,…,15.12-31.12
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The option is Yes: then the installment periods will be from the start date to the end of the month, even if your start date is the middle of the month: 15.01-31.01, 01.02-28.02, 01.03-31.03,…,01.12-31.12
3. Put Residual On Last Payment Instead Of First
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Define where the residual amount should be allocated, and whether it should go towards the first or final installment. |
For instance, when you have 122 kr and there are 12 installments, we will have there would be 2 kr which cannot be equally distributed across all the installments. This setting will dictate if that 2 kr should go to the first or to the last. If we say Yes to this setting,
The option is Yes: we will have 2 kr at the end of the month.
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The installment plan will be 10, 10, 10......12
If
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the option is No: the 2kr will be in the first month. The installment plan will be 12, 10, 10
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4. Preferred collection day
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The day on which the installment due date should fall each month. Default None means there is no preference. If there is an installment period, |
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Seamless will set up the due date to be the start date of the installment period. |
For example, 15.01 - 14.02 will have 15th as the due date. However, if there is a preferred selection
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of 1, the due date will be the 1.02
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5. Collect on Preferred Day Before Instalment Period
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Used to set the installment due date always before the installment period. |
Scenario when you switched on this feature and the preferred collection day is 28th, and purchased a policy in the near start date
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These are 2 scenarios when using this configuration
Precondition | The purchased policy | Result |
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The configuration
| The policy period is 15/01/2023 - 31/12/2023 The policy is purchased on 01/01/2023, which is near the policy start date |
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Scenario when you switched on this feature and the preferred collection day is 28th, and purchased a policy in the far future start date
The policy |
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period |
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is 01/02/2023 - 31/12/2023 The policy is purchased on 01/01/2023, which is far the policy start date |
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6. Collect Adjustments immediately
The default option is Yes
If this The option is Yes, we : Seamless will bundle all payments that are adjusting previously previous invoice payments and creates create a single transaction. This essentially concerns back-dated adjustments of already invoice installmentinstallments.
7. Skip AdjustmentBundling
The default option is No.
If Yes, then The option is Yes: the Collection Adjustments are superseded immediately. And it creates a separate adjustment for every adjusted period that has already been processed. Each adjustment transaction created will point to the transaction it is replacingNotice! If Skip Adjustment Bundling and Collect Adjustments immediately are No, there is no special processing for adjusted periods - meaning that they will be handled during normal distribution
8. Adjustment Bundling Threshold In Days
applicable Applicable when adjustment installments are created separately. (By setting SkipAdjustmentBundling as yes). For these installments that are created, we need to set a due date. We will align this due date with any upcoming installment within the configured number of days.
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Ideally, it should be set to 0 days. When we add some new installments, or handling adjustments, based on this configuration, we will merge the amount with the next installment
11. Grace Period
Grace The grace period is the minimum number of days you allow between the purchase of a policy and the first installment's due date.
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