Creating New Payment Plan With the Balance of a Cancelled Payment Plan

Overview

Aria supports your ability to cancel a payment plan, then create a new payment plan based on the remaining balance of the old payment plan. You can also apply the remaining balance of a cancelled NSO Installment Term to a new payment plan. This feature grants you:

• flexibility to accommodate customer life changes,
• improved collections and reduced write-offs,
• reduced customer churn,
• operational efficiency for customer service teams, and
• revenue recognition integrity

Aria processes payment plan installment cancellations as follows:

• Records the payment plan number on cancellation queue entries for future-dated cancellations, ensuring accurate tracking through the cancellation process.
• Derives the collection amount for a cancellation from the installment schedule detail rather than the invoice balance, providing more accurate collection for invoices that are only partially covered by an installment.
• Marks an invoice to prevent duplicate billing batch processing only when the full invoice balance equals the installment open amount.
• Marks an invoice after any cancellation collection attempt, regardless of whether the collection was successful.