Minimum Payments

Modified on Thu, 13 Jul 2023 at 06:19 PM

Setting a minimum payment for both single and recurring payments can benefit your portal. By setting an amount for a minimum payment, the agency can ensure regular payments, increase the likelihood of a payment, expedite the resolution of the account and help meet compliance requirements.

Examples of Setting up Minimum payments:

Fixed Percentage of Total Debt:

Calculate a fixed percentage of the total debt owed

Example: 5% of the debt

Fixed Dollar Amount:

Consumer pays a fixed dollar amount each month

Example: $50/month

If you are currently connected to the portal using an API, the C2C support team can set up the minimum payments. Just send an email to support@concepts2code.com letting us know what you would like the amount of the minimum payments to be and recurrence.

If you currently upload your data in a csv file, the below fields need to be added to your file.

Name	Type	Description
MinimumSinglePayment	Decimal	When specified, this will be the minimum amount that a user can make for a single payment.
MinimumRecurringPayment	Decimal	When specified, this will be the minimum amount that a user can make for a recurring payment. For example, if you want all consumers to pay off balances in 12 months max, you could set the minimum recurring payment to 1/12th of the current balance.