Introduction
On this page, you can configure Seamless to calculate installment dates from policy start (current default) or the end date so that the “odd one out” happens to be the first one
Calculate Date Backwards
This dictates how installment periods are calculated for a given policy period. For example, if a policy period 15.01.2022 - 31.01.2022,
If 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
If 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
Put Residual On Last Payment Instead Of First
This is to say where the residual amount should go. For instance, when you have 122 kr and there are 12 installments, we will have 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, we will have 2 kr at the end month. Otherwise, it will be in the first month
If Yes then we will have 10, 10, 10......12
If No then it will be 12, 10, 10, .....10
Preferred collection day
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, we 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 as 1, the due date will be the 1.02
Collect Adjustments immediately
The default option is Yes
If this is Yes, we will bundle all payments that are adjusting previously invoice payments and creates a single transaction. This essentially concerns back-dated adjustments of already invoice installment.
Skip Adjustment Bundling
The default option is No.
If Yes, then the Collection Adjustments are superseded immediately.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
Adjustment Bundling Threshold In Days
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.
For example, we are in 27/03 and an adjustment is created for 20.03-14.03. The due date of this will be aligned to the upcoming 15.03-14.04 installment.
Minimum Unit Length In Days
This helps find the minimum no.of days that we should consider as one installment period.
For instance, if you have a policy 25.01 - 31.12, with monthly installment, should we have an installment period for 25.01-31.01, 01.02-28.02, 01.03-31.03..... 01.12-31.12.
If this is set to 5 days as an example, then we will have 25.01-31.01, 01.02-28.02, 01.03-31.03..... 01.12-31.12.
If it is set to a standard of 15 days or so, we will have 25.01-28.02, 01.03-31.03...., 01.12-31.12
Merge Window in Days
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.
Collect on Preferred Day Before Instalment Period
Default is an optional field, used to set the installment due date always before the installment period.
Scenario when you switched on this feature, and 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
The subsequent installments are anticipated to be due on the 28th day of each month.
Scenario when you switched on this feature, and 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.