Automatic Payments (Auto-Pay)

PAYMENT INTERVAL

Select one of the following from the dropdown menu options to set up the payment interval for the lease. This is used for PAP/ACH and Automatic Payments to perform through the Payment Service gateway. This field determines how many times a billing cycle will bill for automatic payment(s):

• 0 - Use Payment Schedule
• 1 - Once Billing Cycle
• 2 - Twice a Billing Cycle
• 4 - Four times Billing Cycle

This field will default to 1 when booking a lease without an application and can only be changed to 2 or 4, but cannot be set to 0 because there is no automatic payment interval schedule setup for billing and payments yet. Users can only select option 2 or 4 once Auto-Pay Amount is set to A-D.

This field is not editable for the application-based lease booking from 0 to any other option if it is set to 0 at the application level. If the payment interval is other than 0 at the application level, then this field cannot be changed to zero at the time of lease booking. To set the payment interval to zero and to book an application based lease, use U0243 Automatic Payment Interval Schedule

LeasePak will extract the payment schedule information when the payment interval is 0 even if there is no outstanding A/R to apply.

This field defaults to 1-Once a Billing Cycle when payment interval is set to any option other than 1, but both the PAP/ACH and Auto-Pay fields cannot be set to N at same time. One of the options from PAP/ACH and Auto-Payments need to be set to Y, but not both. If user sets both PAP/ACH and Auto-Payment field to N, then LeasePak prompts the following message:

Payment interval must be set to 1 if no automatic payment process is turned on for the lease.

Payment interval 2 and 4 are not supported for use with non-monthly accrual/billing cycle.

AUTO-PAY

Select this checkbox to enable the Electronic Payments to use the payment gateway process. When this box is checked, remaining auto-pay fields will be mandatory. If unchecked, the remaining fields will be meaningless except for the electronic payment source which may be used as a default for a one-time payment. This field is not supported when PAP/ACH filed is set to 'N'.

AUTO-PAY START DATE

(Mandatory)

Enter the start date to begin auto-payments to apply. Automatic payments will not be applicable before this defined date. If Auto-Pay field is selected, LeasePak will default this field to the lease commencement date. Users can change this date with any other required date to apply after the commencement date, but not before the commencement date. This field is mandatory when Auto-Pay is selected.

AUTO-PAY STOP DATE

(Mandatory)

Enter the end date to stop considering automatic payment(s). LeasePak will not consider any automatic payments electronically after this defined date. When auto-pay field is checked, LeasePak defaults this field to lease maturity date. This field is editable as per the required date to stop processing auto-payment(s) but cannot be set this date to after lease maturity date. This field is mandatory when Auto-Pay is checked.

AUTO-PAY AMOUNT

(Mandatory)

This field determines the dollar amount to be automatically charged to the payment source and how that paid amount will apply through batch payments. LeasePak ignores the auto-payments when payment interval filed is set to 0. If payment interval field is set to 2 or 4, the amount defined in this field must be A-D and will be shared over multiple payments during the month. This field is mandatory if Payment Interval and Auto-Pay fields are set to other than zero. For the first time LeasePak defaults this to same as at portfolio level if defined at U0212 Portfolio update. However, this is editable to any desired value regardless of the setup value from u10212 Portfolio with available valid codes. The possible available valid codes are:

• A - Total outstanding on current invoice (apply to lease)
• B - Total outstanding on current invoice (apply to invoice)
• C - Payment and tax outstanding on current invoice (apply to lease)
• D - Payment and tax outstanding on current invoice (apply to invoice)
• O - Other specified amount
• P - Payment and tax outstanding on the lease
• T - Total outstanding on the lease
• _ - n/a

Conditions: Option O can only be used when the user has set Payment Interval to 1. Users must enter Auto-Pay amount greater than 0. This is the amount which will apply on the due date of each invoice from the user’s account if there is any open invoice on the due day of the month.

For example: Lease is quarterly, due on 5th of January, April, July, and October. The applicable payment amount equal to or less than the amount entered in auto-pay amount field in is as of the 5th of January, April, July, and October. The amount to apply can never be more than the amount outstanding on the lease.

Once the payment is being charged to the electronic payment source, the amount will be charged through batch payments. LeasePak performs this payment charge through the lease number, and therefore applies payments to an outstanding invoice other than the one that was used to determine how much to charge, unless option B or D are selected. If option B or D is selected the batch payment will list the invoice number instead of the lease so that it applies directly to that specific invoice. Options B and D are not allowed on IBLs because payments cannot be done on IBLs by invoice. The supported IBL accrual methods are xAXx, xIXx, xAFx, and xIFx.

PAP/ACH

(Optional)

Type 'Y' if payments will be made using Pre-authorized Payments. The PAP effective date will be defaulted to the lease commencement date. The following conditions must be met in order to activate PAP/ACH:

• Assumed Payment must be blank.
• The Lessee must be set up to handle Pre-authorized Payments. See the Billing tab of the Lessee update [U0203].

Type 'N' if payments are required to be made by using PAP. If you use ACH (Automated Clearing House) type PAP, then

• 1 - Current invoice only, apply to invoice. (Processes the PAP/ACH for the lease as though the portfolio-level field PAP/ACH Current Payment Only was set to 'Y', regardless of the actual portfolio setting.)
• 2 - All outstanding. (Processes the PAP for the lease as though the portfolio-level field PAP/ACH Current Payment Only was set to 'N', regardless of the actual portfolio setting.
• 3 - Current invoice only, apply to lease
• N - No
• Y - Use portfolio setting

For more information on portfolio-level PAP/ACH settings, refer to Portfolio [U0212]: PAP/ACH Control File.

LeasePak supports IBL accrual methods when PAP/ACH is selected for the lease.

PAP/ACH Account

Enter the PAP/ACH Account number. Users can change it if already entered.

PAP/ACH Inst ID

Enter/change the PAP/ACH Institution ID number. The PAP/ACH institution ID must be a nine-digit number with the last digit representing a check digit unless using the WDE format in which case the institution ID must be a number in the form of XXX-XXX.

PAP/ACH Eff Date

Enter the PAP/ACH effective date for the lease. Users can change the PAP/ACH effective date if required to change.

PAP Account Name

Enter/change the PAP account name for the lease. If you are using WDE format, this name will appear in place of the Lessee name on both the interactive and end of period preauthorize-payments report unless it is blank in which case it will still use the lessee name. Otherwise, this field is informational only.

Leave all PAP fields on the application blank to copy the account and institution ID from lessee to lease and default the effective date on the lease to the lease commencement date.