Incoming Payments

Incoming payments are received by the insurer from the policyholder as payment for policy coverage. With Billing and Collection, the data about the incoming payments is processed and matched (mainly automatically) to a policyholder's account, in order to label an installment as being paid. When an invoice opened for an installment is closed, the details about the payment and the clearing date are updated and stored in the system.

The Billing and Collection solution can be used in conjunction with different types of incoming payments such as bank payment orders, direct debit payments, credit card payments, payments made through online processors.

See more details about handling Incoming Payments in the configuration pages:

• Invoice Generation - for details about how invoices are generated in the system.

• Direct Debit SEPA - for details about how SEPA direct debit mandates are handled by the system.

• Direct Debit UK - for details about how UK direct debit mandates are handled by the system.

• Manual Allocation - for details about how the manual allocation for incoming payments works.

• Automatic Allocation - for details about how the automated allocation for incoming payments works.