Minimum Payments

Modified on Tue, 30 Jul at 3:55 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.

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.

When you add minimum payments, you will also get two additional replacement fields which can be used in your email templates.

BIFMinimumRecurringPaymentCount - The number of payments needed to complete the full balance based off the recurring payment minimum. If no minimum specified, the this will be 1.
BIFMinimumSinglePaymentCount - The number of payments needed to complete the full balance based off the single payment minimum. If no minimum specified, the this will be 1