Sears - Billing and Payment Procedures

Sears - Billing and Payment Procedures

Sears - Billing and Payment Procedures

Billing Terms

Term

Definition

Actual Release Date

The actual date invoice is printed or file is sent to Credit Card processor (Paymentech) bank or client for processing

Base Premium

Portion of bill amount that relates to the premium. Excludes options, fees and sales tax

Billing Mechanism

Billing mechanism used to receive payment e.g. Invoice, Credit Card processor (Paymentech), mortgage. This will no longer be displayed on the user interface.

Billing Terms

Includes billing mechanism e.g. Invoice, Credit Card processor (Paymentech) and Payment Schedule e.g. paid monthly, in 3 installments etc. by Client, Cell Code, Industry.

Cancellation Date

Prior to the expiration date, the date the coverage is discontinued

Client Bill Date

Date client is instructed to start billing.

Deferred Billing

When billing is deferred/delayed, generally occurs for mortgage customers. (Bills are due after effective date)

Due Date

The date payment is due

Effective Date

The date the contract became effective.

Enrollment Date

The date the contract was sold

Expected Release Date

The expected date the bill will be printed and sent to client or charged from the financial institution. Calculated based on billing mechanism and due date

Expiration Date

The date the contract expires

External Client Bill

Each Client has a different schedule for starting billing.  The client must have an external reference number.  If the reference number provided is not the number required for billing, then the contract would go through the “bounce” process (decrypting process for clients with strict privacy rules)

Installment Paid Date

Date Full amount billed is posted.

Past Due

Amount Any balance outstanding from previous bills at the time a bill is processed.

Payment Method

Method used to pay for product e.g. credit card or ACH

Payment Schedule

Describes the frequency for payments e.g. Monthly, 3 installments, full pay and whether fees are included

Send to Interface

Indicates if the bill has to be processed to send record to mortgage company (printed, sent to processor or client)

Payment History and Calculation Installments

Payment History and Calculation Installments tabs are viewed by clicking the Payment button.  These tabs are used for viewing purposes only, and they allow the user to view the history of any payment transactions.  Transactions are displayed with a breakdown of monthly, 3 month installments and annual payments.

To view payment transaction(s), click on Payment History, located on the bottom of the screen.

To view calculated installment payments, click on the Calculate Installments button, located at the bottom of the screen. The Calculate Installments button is for viewing purposes only, it does not initiate payment.

 



Terminology

Batch Payments Pending

Payment is pending due to the batch not being closed.  These are manually processed by associates.  Once the batch is closed, payment will post on Payment History.

Payment History

A payment that has been manually processed in a batch, by an associate.  It also provides details of the payment, such as, dates, batch type maker, etc.

Interface Payments Pending

Payment that is pending to be sent to a processor, for example, ACH, DDA.  This file is sent by IT to be processed.

Interface Transaction Received

Payment is no longer pending, is posted here after the being processed by the processor.



Processor is the company that Cinch sends payment (credit card/ACH) files to.  The processing company sorts the files, then sends the file to the prospective banks for collection.  

*Sears Bills in advance. As example: most warranties through Cinch bill on the effective date, Sears bills on enrollment date.*

 

Interface - Payments Pending 

 Select view payment under payment tab. Then Payment history as highlighted in the first picture below.






Click OK to save (upon renewal, the payment method will remain the same as the previous year. Only certain accounts, mainly Cinch enrollments, will the billing method default to mailed invoice).

 





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