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On this page, you can configure Seamless to calculate installment dates from policy start (current default) or from the end date so that the “odd one out” happens to be the first one
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For example, 15.01 - 14.02 will have 15th as the due date. However, if there is a preferred selection as 1, the due date will be the 1.02
Collect Adjustments immediately
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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
Grace Period
Is the minimum number of days you allow between the purchase of a policy and the first installment's due date. ?
Ideally, all installments should be due on the first day or the preferred day, depending on your configuration, like the preferred collection date. However, in situations where you buy a policy that is either backdated or very soon, you want to provide a buffer time before expecting the customer to make their first payment. This buffer is important because certain payment methods, like sending an invoice, might take some time to reach the customer.
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Default is an optional field, use used to set the instalment installment due date always before the instalment installment period.
Scenario when you switched on this feature, and purchasing purchased a policy in the near start date
The policy covers the period from January 15, 2023, to December 31, 2023. It was purchased on January 1, 2023.
The first installment is expected to be due on January 19, 2023
And the The subsequent installments are anticipated to be due on the 28th day of each month.
Scenario when you switched on this feature, and purchasing purchased a policy in the far future start date
The policy covers the period from Febuary 01, 2023, to January 31, 2024. It was purchased on January 1, 2023.
The first installment is expected to be due on January 28, 2023
And the subsequent installments are anticipated to be due on the 28th day of each month.