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22,647We have been asked to set up EFT Receivables for a client that bills the members dues once a year, but allows the member to deposit into the members account a flexible dollar amount each month in the belief that at the end of the following year the member will have sufficient funds deposited to cover the renewal fees.
Fee for 2018, to be paid by August 31, 2017 may be 600.00
One invoice would be created to the members RM Account for the full amount - there is no interest charges and no aging penalties.
Our plan was then to use Scheduled Payments to break this invoice down into 10 or 12 equal amounts, create the new invoices and then issue them to the company bank each month to be EFT Receivable transactions.
Challenge
We learned that on Oct 1, 2016 there were in excess of 20,000 members that would have selected this option - if it had been available. That is not a problem, until you start to look at how the Scheduled Payments system is designed. We believe that we would have to open each of the 20,000 records and create, process and post the scheduled payments in time to send the first of the required payemnts to the bank for transaction as soon as the 5th of the month.
Anyone see the challage - opening 20,000 records is a lot of work - way more than the client is interested in doing manually.
Question
Does anyone know of a tool that would allow us to automate this process. We would propose that the client only offer the members 2 or 3 choices of payment dates ( 5, 12, 30 ) to limit the amount of time taken, but since there is no interest, no amortization and it is otherwise very simple.
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