Allocate an EFT Payment
If a policyholder makes a premium payment using EFT or an ATM deposit, the payment will not automatically reflect on their policy. The amount they've paid needs to be allocated manually.
To allocate an EFT payment, follow these steps:
- Log into your Root dashboard.
- Click on the Policies icon in the blue navigation bar on the left side of your screen.
- Search for and click on the policy to which you want to allocate an EFT.
- Click on Payments in the grey policy menu on your left or scroll to the Payment section.
- Click on the Actions menu on the right.
- From the drop-down menu, select Allocate EFT Payment.
- Fill in the relevant information for the EFT payment:
- Amount: Enter the amount that the policyholder has paid. There is no limit on the amount.
Note: The policy will be credited with this amount immediately upon creating the allocation.
- Date: Select the date the payment was made. This can be back dated to the actual date of payment.
- Description: Enter the reason for the payment, such as “March & April premiums” if the policyholder is paying for these two months.
- Attachment: Click on Choose file to upload the proof of payment for the EFT or ATM deposit.
Note: This proof should be provided by the policyholder before the allocation is added to the policy.
Click Create.