Payment Predictor automates the payment process, automatically posting payments to open Accounts Receivable items.
This Article contains the following information:
- Payment Predictor definition
- How Payment Predictor works
- Payment methods that qualify
Payment Predictor allows for automatic payments using an express deposit or payment worksheet. Payment Predictor matches payments to open items or creates adjustments/write-offs for over payments and underpayments.
Payment Predictor processes payments in stages based on a hierarchy established by F$P in partnership with City stakeholders.
The source of payments does not matter when using Payment Predictor. Payments can be online payments that are entered in a regular or express deposit, or they can enter the system through an electronic interface, such as electronic data interchange, bank statement reconciliation, a lockbox interface, the cash drawer receipts interface, or the Excel Upload Payment process.
Payment predictor also allows for handling payments that cannot be automatically applied, such as placing the payment on the customer's account, generating a payment worksheet so that the payment can be manually applied, or releasing the payment.
Items that have a payment method of cash, check, credit card, electronic file transfer, or giro-EFT qualify for Payment Predictor processing. Items with direct debit and draft payment methods are processed by other system processes.