How to edit a payment method

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A payment method is the way in which a policyholder pays their premium. Generally, premiums are debited from the policyholder’s bank account.  In this article, the policyholder's stipulated bank account is referred to as the payment method.

The payment method is linked to individual policies and can be captured on application before a policy is created on the Root dashboard, or on the policy itself once it has been created.   

The payment method details can be updated after it has been added.

  1. On the Root dashboard, navigate to the policy that you want to update the payment method on.
  2. Click Billing.
  3. Click Actions, and then select Edit payment method.

 

payment_method_1.png

 

      4. Fill in the required information.

    • Bank - the policyholder’s banking institution.
    • Branch code - either the specific branch code or the universal branch code for the banking institution.
    • Account holder - name of the owner of the bank account.
    • Account number - the bank account number.
    • Debit day - the day of the month on which the policyholder would like the account to be debited for premiums.
    • Account type - either cheque or savings.

 

payment_method_2.png

 

If the account holder is not the policyholder, you will need to click the checkbox at the bottom stating,

“The above billing details do not belong to the policyholder”, and insert the bank account holder's ID number.

         5. Click on Update payment method at the bottom of the page.

All payment method details, whether entered on application or edited thereafter, must be verified to confirm the following:

  • The account exists.
  • The ID Number or company registration number matches the policyholder details.
  • The account is open.

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