1. Introduction
In the policy details, Seamless will show the installment details with information so you can track them easily. The explanation below will help you to understand all the fields that are showing in the installment details.
Seamless provides the capability to collect full payment before issuing a policy. This applies to new business acquisitions, Mid-Term Adjustments (MTA), and renewal policies.
2. Installment details
a. Installment type
The type of the installment. Seamless will based on your policy activity generate the suitable payment types
None <TBD>
Normal: the installment that is generated when the issuing policy, or when the policy premium is changed due to MTA.
Adjustment: when a policy premium is changed and the paid installment must be adjusted, then the adjustment installment is generated
For instance, when the policy is fully paid, and the policy premium is increasing → the adjustment installment will reflect the add-on premium so the finance people can collect the amount correctly
Settlement: when a policy is terminated, then the settlement installment will be generated to reflect the amount that needs to be collected or refunded
b. Invoice
The invoice reference in the Accounting system, you can use this reference to find your invoice in the Accounting system
For instance, your installment when booking in the Accounting system will have the order reference as 100 (item 8 ), but all the orders will be in one invoice with the reference 50 => the invoice will show “50”
c. Total (installment amount)
The total installment amount and the collected currency. This is the final amount that the customer would need to pay, including tax, commission, etc.
d. Tax
The tax amount that the customer would need to pay in an installment
e. Commission
The sales commission amount that the customer would need to pay in an installment
Please notice that the product commission won’t be showing in the installment details
f. Period
The installment period
The installment period will be defined based on the payment frequency of your policy, the policy start date, and the finance settings
g. Due date
The due date of an installment. When the due date is met, then Seamless will treat the installment as an overdue
Sometimes, you might notice that your installment is highlighted in yellow. This indicates that the payment is overdue.
h. Booking ref
The order reference in the Accounting system, you can base on this reference to find your order line in the Accounting system
i. Status
The status of the installment. Seamless will check the payment status from the 3rd party to update the installment status. There are some statutes in Seamless
None: the installment is new, is not frozen, and can be adjusted or removed
Extracted: the installment is frozen and ready for the next step
Export confirmed: the installment is frozen and cannot be changed. When you meet this status, it means the installment is already frozen and is extracted successfully from Seamless to the 3rd party for invoicing or collecting payment.
Export cannot be confirmed: the installment is frozen and cannot be changed. However, if Seamless is not connected to the 3rd party billing or accounting provider, it can’t export the installment.
Export failed: the installment is frozen and cannot be changed, and is export failed due to any issue
Paid: the installment amount is collected, which is confirmed by the Accounting system or Billing provider system.
3. Installment actions
a. Before you begin
<TBD>
b. Paid installment
On your paid installment, there will be an action button to show the payment details
In the payment details dialog, you can view the payments that have been made on the installment. For each payment type, the fields would be different.
c. Unpaid installment
There are 2 actions that you can perform on an unpaid installment
Make a payment Mark as paid manually
Override installment due date Change due date of an installment