TAGGED:

Springboard Payments

Fixed Payment

The Fixed Payment Screen contains two sections that work independently or together:

  • Fixed Minimum Payment Amount: Establish a desired fixed minimum payment amount for a cardholder. The fixed minimum payment amount appears on the cardholder’s next statement. 
  • Non-Delinquent Minimum Payment Amount: Change the current cycle’s minimum amount due or update a previously established minimum amount due.

If using the non-delinquent minimum payment amount and a cardholder is enrolled in auto pay, remove the auto pay flag prior to the automatic payment post date. After the account cycles, the auto pay flag must be added back on the account.

Note: There may be additional items to take into consideration if your financial institution utilizes the Automatic Re-age feature. Reach out to your CO-OP contact for more information or to confirm your settings.

 

Under the Payments menu, click on Fixed Payment to access the screem. 

 

 

Field Descriptions:

Fixed Minimum Payment Amount: The desired fixed payment amount due in order to avoid delinquency effective with the next statement cycle. 

Note: $0.00 is only valid to cancel a fixed payment amount that has already been established.

 

Start Date: The start date of the fixed minimum payment amount. This date must be today or a date in the future.

End: Choose to end the fixed minimum payment on a date, after a number of cycles, or have it permanently on the account.

Note: The system auto-defaults to add two (2) additional cycles before it reverts back to the previous payment settings. Example: Enter 6 in this field, the actual number of cycles the fix pay will be effective for will be 8.

 

Non-Delinquent Minimum Payment Amount: Dollar amount of the minimum payment due that is not delinquent. For ongoing updates, users should repeat this process monthly. 

Note: This amount cannot be edited to be larger than the previous amount.

 


Downloadable Version

Click below to access the printer-friendly version.

PDF (Entire Guide) PDF (This Section)

Fixed Payment
GUIDE TABLE OF CONTENTS