Personal Guarantee Logic Enhancements
This product update gives users more flexibility and precision in determining when a Personal Guarantee (PG) is required for applicants. The REQUIRED condition in the Personal Guarantee section can be assigned to multiple attributes, creating the opportunity for a narrower application of the PG requirement.
Users can now apply an AND condition, requiring applicants to meet more than one criterion, such as – years in business and specific organization type – before prompting a personal guarantee. If set to OPTIONAL, the system defaults to OR, triggering a personal guarantee if any condition is met. The OPERATOR column includes new options to allow for more granular control of threshold settings, like credit limit and years in business.
These include:
- Less than (LT)
- Less than or equal to (LE)
- Greater than (GT)
- Greater than or equal to (GE)
The “Amount Requested” field can now support a higher value than the previous five digits, expanding the level of granularity for setting PG thresholds.
Account Settings > Credit Policy > PG/Owner Officer
Payment Summary Report Additions
To provide more insight into the makeup and methodology of hybrid payments and allow credit analysts and managers to better understand customer payment behaviors, Bectran is introducing an in-depth view into Payment Summary reports with three new payment amount columns.
- The AMOUNT PAID BY ACCOUNT CREDITS/INVOICE CREDITS column displays the portion of the hybrid payment made using account credits.
- The AMOUNT PAID BY PAYMENT METHOD column displays the portion of the payment made using debit/credit cards or ACH.
- DISCOUNT AMOUNT shows the discount amount for a specific invoice.
Within the PAYMENT METHOD column, the Hybrid payment identifier has been expanded to indicate the payment method used, whether it be by Debit Card, Credit Card, or ACH. While non-hybrid payments will reflect the total payment amount based on payment method.
For Example: If a Hybrid Payment is made with debit cards ACH, it will be displayed as hybrid payment (ACH) amount and hybrid payment (Debit) amount.
Additions to Inbound Payments API
To enhance transparency and payment tracking, this new update brings six new optional fields and two required fields to the inbound invoice payment payloads, allowing users to better understand how a customer is paying their invoice.
Optional
- References a unique identifier for merchants
- Specifies the type of payment— “Hybrid,” for example
- Identifies the name of the payment processor(s) being used for the invoice
- Provides a code for the payment processor(s) being used for the invoice
- References credits generated as a result of a payment on the account
- A general catch-all that captures any additional information which may be needed in future payloads
Required
- References the ID that is created in the backend once the payment processor authorizes a transaction
- Marks that the relevant transaction is settled
Please reach out to your Platform Services specialist for more details on the updates to this integration method.
Plaid Integration for Bank Reference Data
A new integration with Plaid, providing automated bank verification for credit applications, makes manual bank references obsolete. After a single sign-in from your customer on the credit application, view transaction and account ownership information directly on Bectran. Refresh asset reports at any time with real-time data pulls.
For more information on this integration, request a demo with your Product Specialist.
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