You can configure Minfos to automatically charge interest or flat fees on customer accounts with overdue balances:
- Set a per annum percentage rate for all overdue accounts and choose the minimum interest amount to charge. For example, you can choose not to charge interest to accounts where the calculated interest is less than $1
- Set different flat fees for 30, 60 or 90 days overdue, as well as an overdue amount. For example, you can choose to charge a flat fee of $2.00 for accounts 30 days overdue, if the account is more than $10.00 overdue
Once configured, interest or flat fees will be automatically calculated and charged to the accounts as part of the End-of-Day process at the end of the month. However, if required, you can also manually charge the interest or flat fees.
This is a multi-step process:
Step One: Contact Minfos Support to either have Auto Interest Charges configured or to have the 995 Interest Charges stock card added to your database.
Step Three: If the interest charges or flat fee charges do not apply automatically, you can manually charge interest or flat fees on overdue customer accounts.
Configure interest charges on overdue accounts
From the Minfos Launch Pad:
1. Click the Special menu and select Utilities.
The Utilities module is displayed.
2. Click the Config menu and select 1. Shop Configuration.
The Shop Configuration window is displayed.
3. Click the Customers tab.
4. Enter your required Interest Rate p.a. %.
5. Enter your required Greater than amount.
6. Click OK to save your changes.
7. Ensure the Charge Interest on overdue amounts checkbox is checked on individual customer accounts. This checkbox is located on the Customer Editing window on the Accounts tab.
8. Interest will now be automatically calculated and charged to the account, as part of the End-of-Day process at the end of the month. If required, you can charge the interest manually.
Configure flat fee charges on overdue accounts
From the Customer Management module:
1. Click the Functions menu and select 3. Account Charges.
Warning: If the following Interest product 995 has not been set up prompt displays:
Click OK to close the prompt and log a call with Minfos Support to get the Interest Product added to your database. You cannot proceed with this article until this has been actioned.
The Overdue Account Charges window is displayed.
2. Click the Charge Type dropdown and select 1. Flat Rate per Period.
4. Enter the required amounts in the Flat fee 30 days and the if overdue amount is greater than fields.
5. Repeat step 4 for the 60 Days and 90 Days fields if required.
6. Click Save.
7. The Flat fees will now be automatically calculated and charged to the account, as part of the End-of-Day process at the end of the month. If required, you can charge the flat fees manually.