Business Calendar for Payment Processing Request
Provide a business calendar on the Payment Process Request template so that holidays can be excluded while scheduling payment processing. The application can use the business calendar to skip weekends and holidays while calculating pay through days and payment date.
Banks might reject the payment files that are due for processing on a weekend or a holiday. Sometimes, the payer might end up incurring extra charges when the payment date changes.
To prevent this, you can set up country-specific transaction calendars, and select the calendar you need in the Payment Process Request template. During payment processing, the application skips weekends or holidays and moves any pay through dates or payment dates falling on these days to the next available date.
Consider an example where a payment processing request is submitted on 4th October, Wednesday, and the calculated payment date is 7th October, Saturday. Use of Saturdays for business transaction varies by country. If a country-specific transaction calendar is defined with 7th October as a holiday, the payment date moves to the next available date which would be 9th October, Monday.
Defining a Transaction Calendar
You must define a transaction calendar before you can associate it with a payment processing request template. Here's how you do so:
- Navigate to , and select the Manage Transaction Calendars task.
- Enter a calendar name and select the default business days.
- Click Generate Calendar.
- Select a date that's a holiday and deselect the Business Day check box for it.
- Save the calendar.
Create a new payment process request template, or edit an existing template. In the Transaction Calendar field, select the transaction calendar you defined earlier. As a result, any payment processing requests that use this template derive the Payment Date and Pay Through Date based on this transaction calendar.