Payment is the sum of money paid by an entity to the company towards the services being availed by him. Payment also includes money paid as refundable deposits.
Customer pays the amount towards the usage of services in regular intervals based on the contract between the customer and the service provider. Payments are accepted towards accounts, invoices, debit notes, and deposits in different modes like Cash, Credit cards, Check etc. Service Providers receive the payments directly through the Collecting Entity or indirectly through the Collection Agent.
In the system full or partial payment can be allocated towards the pending invoices.
Methods of payment:
On account payment: In this method, payments are taken into account and are not marked towards any open items immediately as part of payment process. These payments become undistributed credit instruments. The distributions are done later as per the user’s convenience.
Payment towards open items like invoice/deposit/debit note: Whenever the payment is marked against an open item, then the corresponding customer account(s) are credited with the collected amount.
Payments through payment gateways (online mode): Payment processing on a real-time basis is done through online payment gateway. Online payments are accepted by Credit Card pay mode. The payment gateways like Banks, Credit Card Agencies are integrated to the system for making the payment. In online mode, the customer credit card details and amount are entered. Towards this, a payment request is generated and sent to the gateway. The payment gateway validates the details and deducts the amount.
Payments through banks/other collecting organizations: Banks and other collecting organizations collect the payment from customers by cash, or check through lockbox collection.
Payments through export/import of files (in offline mode): In this process, payment requests are generated for a group of customers after invoicing. The generated payment requests are exported to the financial institutions/gateways in batches. When the response is received from the financial institutions/gateways, the files are imported to the system to make the payment in off-line mode.
Payments in bulk: Payments can be taken in bulk periodically by uploading files. The system allows uploading files to perform the transaction for a batch and thereby improves the organization efficiency
Payment details are received through New Payment screen.