The payment calendar displays all the payments that a merchant is scheduled to pay a funder from the collection start date through the current date using a predefined collection schedule. By using the payment calendar, a funder can quickly measure how well a deal is performing, if there is an amount in arrears and when the deal will be completely repaid. Fees and discounts are also shown which also factor into the total in arrears.
In the example below, we can see that the merchant missed a few payments (specifically on 7/23, 7/24, and 7/27) and is therefore behind schedule. MCA Suite automatically calculates the average daily payment based on the total collected amount and uses that to determine the repayment rate and when the deal is expected to be fully repaid.
Enabling the Payment Calendar
The payment calendar is generated automatically when a deal is funded and tracked. In order for the payment calendar to be accurate, you'll need to enter a few pieces of information when initially tracking the deal. These are:
- Collection Start Date - when will the first payment be made?
- Collection Schedule - how often will payments be made? Currently, this can be one of four options
- Banking Days Only
- Every Day
- Custom (this option allows you to select specific days of the week when payments will be collected)
3. Expected Daily Rate - how much will each payment be for? MCA Suite can calculate this value automatically or you can enter it manually.
Once a deal is tracked, you can always go back and modify the above values and other aspects of the funding and collection associated with the deal.
For example, we can select "Every Day" for the Collection Schedule:
This will result in a payment calendar that is even farther behind schedule since we are now expecting payments on weekends as well.
Lastly, you can also select the option to "Include Pending Transactions" for ACHWorks or USAePay collections, which will further improve the accuracy of the payment calendar calculations.