TurnKey Lender supports automatic charging. When it is set up, all the regular payments, defined in the loan schedule (Payments tab) will be automatically charged from the client's default bank account or card (Bank details tab).
Sometimes, there appears a need to stop/suspend charging the customer’s bank account or card (e.g. the customer is changing the card or prefers another way of payment)
Therefore, TurnKey Lender provides the ability to suspend all transactions except for custom transactions being charged from the customer’s bank account or card.
Suspend automatic charging for the payments
In order to add a custom transaction, go to the Servicing workplace and open the “Scheduled transactions” tab.
...
If the tab is not available, please contact TurnKey Lender to make sure that the functionality is enabled for your account.
Click the red plus icon below the “Suspended transactions”.
...
Suspend transaction window will emerge.
...
Select the payments that shall be suspended.
The dates will be updated automatically.
Leave a comment on the suspension.
Click the “Suspend” button to finalize the entry.
...
View Suspended Transactions
All suspended transactions are visible to Back office users in the Servicing, Collection, and Archive workplace, in the “Scheduled transaction” tab.
...
For each transaction, its status, suspension start and end date, amount, and the user who has performed the last action on the transaction are displayed.
Available Statuses:
...
- Pre-active: suspension start date has not yet come
- Payment is being suspended (the suspension period has started)
- Removed
- Suspension period is over
Manage Suspended Transactions
Action icons on the right allow Back-Office users to
Edit a suspension period: Click the pencil icon, update the details and click the “Edit” button
Remove a suspension period: Click the trashbin icon, leave a comment and click OK
Review the transaction history: Click the clock icon
Please note that suspension doesn’t affect the mandatority of payment being made, fees, interests, fines, etc. It is just about not using automatic charging to perform the payment. It still can and shall be performed by any other means.