By Ashton Azizi - October 15, 2012
A common Deal Pack support question that I receive is, “What can I do to bring a customer’s account current?” The client’s reaction to the ease and efficiency of this process always brings a smile to my face.
Deal Pack provides a Deferment button at the Payment screen. It’s very easy to bring the loan current by entering the next or future scheduled due date. A deferment fee is calculated of the interest due from the date the last payment was received through the date the deferment is processed. This amount can be overwritten, as some companies prefer to impose a standard charge. You have the option to collect the fee as a payment due at time of deferment or the fee can be waived. If collected, the fee is applied to income. You may also decide to collect the fee at a later date. This can be achieved by waiving the fee and adding it as a side note scheduling it due at a date of your choice.
Deferment is also a convenient solution when a customer requests a due date change. Perhaps they have had a change of employment and are now paid on Wednesdays instead of Fridays. Simply defer the next due date from the Wednesday date to the Friday date and your good to go.
An addendum form is provided upon completion of a deferment transaction detailing the specifics. It’s advisable to print 2 copies; one for the customer to sign and be retained in their internal file and the other for the customer’s records.
ABCoA is a Software-as-a-Service company dedicated to the subprime industry. Our cloud-native ecosystem handles every part of business operations - improving productivity, security and accuracy, while consolidating vendors and reducing costs.
Since 1983, ABCoA has helped buy here pay here used car dealerships and subprime finance companies eliminate duplication, remain compliant, and achieve success with complete, customer-driven software and dependable support. Customers properly using Deal Pack have never lost an IRS audit.
Recently awarded Top Online Accounting Software for Deal Pack, ABCoA continuously elevates the standard for software in the subprime industry and helps customers grow through our commitment to quality, innovation, and service. Headquartered in Jacksonville, Florida with employees across four states, we remain family-owned and operated.
To learn more about ABCoA, visit www.abcoa.com.
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