Overview The enhancement to Auto Debit functionality, now enables the separate payment of registration and subscription fees through Auto Debit. This update streamlines the payment process, making it more convenient for members while ensuring timely fee collection for financial institutions. Key Changes Enhanced Auto Debit Capabilities: Membership Policy Configuration:
This feature empowers tellers with the ability to reverse transactions originating from auto debits, enhancing flexibility and precision in managing financial transactions. With this functionality, users can efficiently reverse loan repayments and member charges, ensuring seamless transaction management. This feature provides a higher level of control, reducing errors and ensuring more accurate transaction processing for…
Auto-debit is a financial feature that enables the automatic deduction of funds from a designated account on a scheduled basis to fulfill specific obligations or payments. Commonly used for recurring transactions like loan repayments, savings contributions, subscription fees, or utility bills, this functionality ensures timely payments without manual intervention, reducing the risk of missed deadlines….
The Loan Application Charges Payment – Auto Debit from Savings Account feature allows members to conveniently pay their loan charges before the loan is disbursed. This automatic payment method ensures that loan charges, specifically for the Credit Product Policy (CPP) that necessitates payment at the time of loan application, are seamlessly managed. How It Works…