This guide provides an overview of payment posting in ACE, highlighting its importance, key features, best practices, and the steps for posting payments.
Importance of Payment Posting
Accurate payment posting ensures:
Financial Reporting: Precise transaction records for accurate reporting and analysis.
Customer Satisfaction: Timely, accurate account information.
Regulatory Compliance: Adherence to financial regulations and standards.
Operational Efficiency: Reduced errors and administrative overhead.
Steps for Posting Payments
Posting Secure Payments (Credit or ACH)
Posting Secure Payments (Credit or ACH)
Batch Opening: ACE automatically opens a batch for secure payments.
Open an Account: Select "Post Transaction" from the left sidebar.
Enter Payment Details: Automatically populate primary contact details.
Save or Apply Payment: Save the payment entry, triggering an opt-in message to the consumer.
Posting Non-Secure Payments (Cash, Checks)
Batch Opening: An administrator must manually open a batch before posting non-secure payments.
Navigate to Batches: Go to "Transactions" → "Batches" → "New."
Enter Batch Details: Fill in details such as Identifier, Receiver, and Payment Batch Location.
Post Payment: Enter and apply the payment details.
Key Features of Payment Posting in ACE
Payment Receipt Handling
Receipt Printing: After a payment has been created, users can print a receipt for consumers or internal records. To print a payment receipt, navigate to the payment and click "Print Receipt" in the Transaction Information section​​.
Contact Method for Payment Reminders and Receipts
Preferred Contact Method: When a preferred contact method is set for an account demographic, that method is used for sending Payment Reminders and Payment Receipts. If no preferred contact method is set, the system sends reminders and receipts to the first available method in the following order: Email, Text, Letter. Methods that are opted out or explicitly set to not receive contact will be skipped.
Speed Posting
Batch Processing: The Speed Posting feature allows users to quickly post multiple payments on a single screen without accessing individual accounts. To access this feature, navigate to "Transactions" → "Speed Posting" from the main menu. Enter necessary details like transaction batch, account number, and payment amount, then click "Apply"​​.
Payment Batch Management
Secure Payments: ACE auto-opens and closes secure payment batches (credit card or ACH) daily​​.
Non-Secure Payments: Open a batch before posting non-secure payments (cash, checks). Navigate to "Transactions" → "Batches" → "New" and fill in required details​​.
Settlement Payments
ACE offers functionality to directly post the settlement amount or percentage, resulting in the system adjusting the account for any difference and settling it entirely. To post a settlement payment:
Locate an account and click "Post Transaction."
In the Settlement Information section, enter either a specific amount or a percentage (do not enter both, as each field will automatically calculate based on the other).
Verify the transaction spread and click "Apply"​​.
Payment Plans
ACE offers two types of payment plans: Secure Plan and Promise Plan.
Secure Plan: Save secure payment details (like credit cards or ACH) for automatic payments at agreed intervals.
Promise Plan: Requires regular payments as agreed. The consumer will need to manually make their payments through specified methods.
Adjustment Posting
Targeted Adjustments: Adjust monetary amounts within specific Buckets (e.g., Principal) without altering the total balance directly. Create an Adjustment Batch, open an account, click "Post Adjustment," fill out required fields, and click "Apply"​​.
Best Practices for Payment Posting
Verify Information: Double-check payment details before posting.
Training: Ensure personnel are trained and familiar with ACE features.
Documentation: Create thorough documentation for agents and administrators for payment posting.
Related Articles
For detailed instructions, refer to the related articles:
How Can I Print a Payment Receipt?
Required Batch Opening for Posting Non-Secure Payments in ACE