Promise to Pay

You can use Promise to pay if a delinquent customer is unable to make the payment immediately or plans to send the payment later.

Promise to pay can help you track if the customer has made the payment by the committed date or not. You can use status of promise to pay to track the payment, and resolve the delinquent account if the customer has already made the payment.

Here's what you can do Promise to Pay:

• record a payment commitment and schedule a promise to pay date

• apply promise to pay for multiple delinquent transactions at the same time

• review the outstanding customer account transactions

You can see these three tables in Promise to Pay section:

• Selected Transactions: You can view all the transactions for Promise to Pay here.

• Transaction Details: You can view the Status, State, Amount promised, and Promise date details of all the Promise to Pay transactions here.

• Mass Promise: You can find all the transactions for which the customer has committed to make full payment here.

Manage Promise to Pay

You can do multiple tasks to manage the promise to pay, like these:

• Track the Payment: You can automatically track all the expected payments with its due date.

• Update promise state and status: You can schedule the promise in IEX: the Promise Reconciliation concurrent program, to update the promise information daily. Remember that you need to schedule this program after cash has been applied to open transactions. The system verifies all the reconciled payments against open promises and displays the updated promise state and status in your Work Area.

• Mass Transactions: You can make mass Promise to Pay transactions for multiple delinquent customers at a time. You need to enter only the full payment amount for mass transactions.

• Cancel a Promise: There are times when the customer has made a promise in error. Not a problem, you can always cancel the promise prior to the Promise due date. Promise to Pay Status

Promise to Pay Status

During the process of Promise to Pay, the transaction can have three different statuses. Lets understand what's the result of each status:

Status	Result
Canceled	The Promise is invalid, as was entered in error.
Collectible	The Promise has reached the committed payment date.
Fulfilled	The Promise amount is paid on committed date.

Promise to Pay State

The state of Promise to Pay tells you about the overall standing of the promise by the delinquent customer. Lets understand what these states signifies:

State	Result
Promise	View the Promise details with the payment amount and the promised dates.
Broken	The payment isn't made on the committed date.