How to create an EFT payment allocation

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If a policyholder makes payment for a premium using either EFT or an ATM deposit, the payment will not automatically reflect on their policy. The amount that they’ve paid  will need to be allocated:


1. On the policy, click Payments on the left-hand side menu.

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2.Click Actions.

3. From the drop-down menu, select Allocate EFT payment.

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4. Fill in the relevant information for the EFT payment:

  • Amount - enter the amount that the policyholder has paid. There is no limit on what it can be. The policy will immediately be credited with this amount when the allocation is created.
  • Date - select the date that the payment was made. The date can be backdated to the date that the policyholder made payment.
  • Description - enter the reason for the payment. For example, “March & April premiums” if the policyholder is paying for the premiums for these two months.
  • Attachment - Click the "Choose file" button to upload the proof of payment for the EFT or ATM deposit. This should be provided by the policyholder before the allocation is added to the policy.

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5. Click Create.

 

 

 

 

 

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