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Springboard Payments

Balance Consolidation

Balance Consolidation enables you to transfer a cardholder’s balance(s) from one or more accounts with other lenders to an account with your financial institution.

  • An ACH to the lender is automatically processed.
  • A confirmation letter is sent to the cardholder.
Note: A paper check is sent if the merchant is not able to receive ACH payments.

 

The following steps need to be followed prior to entering a Balance Consolidation transaction:

  1. Verify that the cardholder has enough available credit to cover the balance consolidation request amount and any fee applicable.
  2. Verify that there is no internal or external status on the account.
  3. If a balance consolidation is requested on a new account, Falcon will normally call the cardholder to verify activity. The cardholder should be notified about this process.
Note: Financial institutions must disclose the Stop Payment Policy to their cardholders.

 

To access the Balance Consolidation screen, from the Payments menu select Balance Consolidation.

 

 

Note: A balance consolidation transaction cannot be done on an account the same day the account is created in the system.

For ACH balance consolidations, the system displays how the original request was submitted. When the ACH request is sent if it does not meet the lender’s requirements (not a reject) it will be sent back to us. We then reattempts to submit the request as a check. The BALCONPMT report displays a check number if this does occur, but the Balance Consolidation Transaction History section is not updated.

 

Field Descriptions:

Lending Institution Name: Name of the lender the cardholder wants to pay through balance consolidation. Limited to 20 alpha characters.

Note: The system verifies this field against the cardholder name. The balance consolidation check cannot be paid to the cardholder.

 

Address Line 1: Lender’s street address.

City: Lender’s city.

State: Lender’s two-digit state abbreviation.

Zip/Postal Code: Lender’s zip or postal code.

Lending Institution Account #: Lender account number to be paid (up to 21 alphanumeric positions available).

Note: Do not include spaces, dashes, or other characters in the Lender Account Number field.

The Lender Account Number field appears on the memo line of the check. It could be used to place any type of memo on the check.

 

Ticket Terms Code: Identifies and assigns a specific promotion on balance consolidation request.

Note: This code is client-specific and is provided by Velera.

 

Amount: Amount of the balance transfer request asked for by the cardholder.

Available Credit: Amount of the available credit limit.

Balance Consolidation Transaction History: A listing of all previous balance consolidation transactions processed on the account for the past 12 months.

 

To Process a Balance Consolidation:

  1. Enter the lending institution’s name.
Note: If there are consecutive capital letters in the lender name and lender address, a space or punctuation mark between the two is required for the name to print correctly on the letter.

 

  1. Enter the lender’s address, city, state, and zip information.
  2. Enter the lending institution’s account number.
Note: Do not include spaces, dashes, or other characters in the lender account number field.

 

  1. Enter the dollar amount of the balance transfer request.
  2. Enter Ticket Terms Code, if applicable.
  3. Select Search to proceed to the Lending Institution Name Match screen.
Note: Balance consolidation requests must be completed before 4:30 pm CT to process on the same day. If processed after 4:30 pm CT, the request processes with the next business day’s work.

In order to match a lending institution, the system first searches by the lending institution’s account number, then the lending institution’s address. Some payees require account numbers to be in a specific format. If the lending institution’s account number does not match that format, there will not be a match for the address.

 

 

  1. Select the payee name from the AKA dropdown menu that is closest to the lending institution information provided by the cardholder.
  2. Select the matching financial institution name. This sends the balance consolidation request via ACH.
Note: If the correct financial institution name match is not found, select Search Again to re-enter the financial institution information or select Submit as Entered to send a paper check.

The confirmation screen appears the same whether the balance consolidation is processing via ACH or paper check.

 

 

  1. Verify all the information is correct and compare the amount against the cardholder’s request. If all is correct, select Confirm.

 

The following warning appears if the lending account has exceeded two or more balance consolidations, or the transfer amount is greater than $3000. To proceed, select Confirm.

 

The following error appears if the account has exceeded four or more balance consolidations within the last 30 days, the lending account has exceeded two or more balance consolidations, or the transfer amount has exceeded $3000. At this point, the balance consolidation can only be conducted if the user has bypass authorization provided by the Springboard administrator.

The screen below displays all potential warnings or notices. The actual warning or notification verbiage may vary.

 

Note: Once the Balance Consolidation transaction has been completed, an ACH transaction is be completed with the lender or a paper check is sent, and a confirmation letter is sent to the cardholder.

 


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Balance Consolidation Cancel a Balance Consolidation Undeliverable Balance Consolidation Checks (Paper Checks Only) Balance Transfer Settlement: Posted as Cash Advance Non-Shared Balance Consolidation Settlement Balance Consolidation Stop Pay (Paper Checks Only) Balance Consolidation Reversal Adjustment Balance Consolidation Reports
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