Effective Date: 3/28/2019;
ACH Client Debit - ACH Debit drawn from a consumer account number and routing number
ACH Credit / Fee - A Fee payment payable to a specific Payee defined in the system
Check Payment - Payment received from Client as a check/cashier's check/money order.
Credit Card Payment - A client's credit card payment charged to the credit card on file.
Balance Transfer - Transaction to account for a balance transfer from one provider to another. Typically when migrating a client from another Account Management provider to DebtPayGateway.
Client Refund - Money issued back to the consumer, via ACH, check, wire, or other means.
Transfer - A Debit to a specific payee account. Typically used to move money from your DSC bank account into the client's custodial account. (I.E. used for settlement advancements or to pull back fees)
DPG Custodial Fee - DebtPayGateway Custodial Account Fee
Settlement - Payment made to a Creditor via, Check By Phone, Wire, Check, etc
Disbursement Fee - Fee from the gateway for Settlement Payments
Custodial Reimbursement - A credit from DebtPayGateway to the client's custodial account.
Earned Performance Fee - A fee paid to a payee in the system for a performance settlement. Similar to an 'ACH Credit / Fee'
Retained Performance Fee - A fee held by DebtPayGateway that will be realized to the Debt Settlement Company or Payee when a settlement has been reached.
Transactions can have Sub-Types. These are configurable by the DSC. This will allow to you create specific sub-types of the top-level transactions.
For example: Credit > Retainer Fee, or Credit > Recoup, etc