Suggest Smaller Amounts to Increase Likelihood of Borrower Payments

Life's not easy. That’s a statement we have all understood when things weren’t going our way. Losing a job, car problems, marital problems, non-marital problems: we don’t need a refresher course in “life's not easy.”

A 2018 survey by the National Foundation for Credit Counseling says 1 in 4 U.S. adults are behind on their bills, and almost 1 in 10 have debts in collections.

Collect with Compassion

So when borrowers are late on payments and have perfectly sound excuses, perhaps the most compassionate way to say, “Give me my money!” would be to soften it a bit to, “Could you give us $10 a week for the next four weeks?”

GOLDPoint Systems has many payment tools available to help employees and collectors encourage borrowers to catch up on their payments in a way that is most convenient for the borrower. One tool is the Future Payments function in EZPay in CIM GOLD. This tool allows users to set up smaller, more regular payments based on a time schedule the borrower can meet.

Users can schedule future payments for a borrower using the Scheduled One Time Future Payments table on the EZPay screen. This table allows input into each of the fields and columns.

For example, collectors or employees could call borrowers who are late on their payments and suggest paying smaller, more regular payments. Then the user could set up the payments in the table for the next few weeks as directed by the borrower.

Scheduled Payments

The system would automatically process those payments on those dates using either an e-check (ACH) or card account (if your institution allows credit or debit card payments).

In the example below, we have set up the scheduled future payments table to allow eight payments. Eight is the maximum amount of future payments available. Your institution may have less than that on your EZPay screen. (An EZPay option is available that designates how many future payments are available on that screen.)

For more information on setting up future payments, see the One-Time Future Payments topic in DocsOnWeb.