Configure Batch Credit Card Skip Payment Program

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ULNSKP-01

Configure Batch Credit Card Skip Payment Program

6290


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Access this screen by selectingTool #317:Credit Card Batch Skip-a-Payment Config

This screen shows the Skip-a-Pay programs in place for online credit card, which allows you to define multiple programs (such as a “Holiday Visa Platinum Skip-Pay” or “MasterCard Summer Break”) according to loan category and statement period. Set up eligibility rules such as delinquency status, how long the account has been opened, presence of a block code, etc. Simulation reports help you to tweak the settings as needed ahead of time.  You can also exclude members from being eligible by checking Block from skip-pay on the final membership screen; in this case the member will not be included in a program.

The program is automatic for all eligible members (no opt-in is necessary), so for the designated statement period the minimum amount due for the account will be set to $0.00 for one month only. The following month the normal payment will resume automatically. You can define a marketing message that includes the required “finance charges will continue to accrue” language and it will appear in the transaction detail area of the credit card statement.

Members can still make their regular payment if they wish, and automated payment features such as ACH distributions or AFT will continue to work as before. (HINT: If you’ve set up any AFTs to automatically pay the minimum payment amount, since the minimum will be $0, those members won’t have a transfer that month.)

If  credit card accounts are allowed to be over limit (Add overline to payment on the loan category configuration “Y”), and the account qualifies for a skip-pay program, then the member’s statement will not reflect that a payment was skipped. The overline amount will display as the “Minimum Payment” due and statement message that is configured for the batch skip-a-pay program will not appear. Since this might be confusing for members, you may elect to exclude members who are overline from being eligible for the skip-pay program.