You are able to change the payment frequency from Monthly to Yearly and vice versa in the platform, but there are some rules in place for when you can perform those changes.

 

 

Here is is a guide to those conditions:

 

Actions	Changes	Conditions
When you are changing a payment frequency (example: yearly to monthly)	You can now select a policy term (current or renewed) and change the payment frequency within certain conditions.	1. Yearly is the only choice selectable if a current term was chosen, it WAS paid on monthly payments AND 1 or more payments have been processed & paid. You can never switch from Yearly to Monthly, during a term, if 1 payment has already been processed(paid).                                                                                                                                                                   2. Monthly or Yearly is selectable if no payments have been processed yet.                 3. Yearly is always available even when payments have been taken and there is an outstanding balance.

 

 

 

 

• If a customer decides to change their payment frequency from annual to monthly, this can be done in bond and pocket.  
• Changing payments can be processed UP until the time a Policy Payment has been 'Paid'. 
• For monthly payments to appear as an option in bond, the customer MUST have answered Yes to the credit consent question.
• If the customer has answered No previously,  but are happy to consent to the credit check now, you can perform a Change Policy action to answer Yes to that question and then proceed to change the payment frequency.

 

• Go to bond and the customer profile you are wanting to amend.
• Check that the payment method (credit card or account details) are correct, in the first instance, or add new ones if required.
• In the payments section - select the Actions icon (3 dots), and select Change Frequency - shown here:

 

 

• A new tab opens.
• Choose the Payment Term (it could have the current term along with the Renewal term, if the renewal is pending). So, if you are only waiting to change the payment frequency FROM the renewal, pick that term.
• Select the Monthly option (will currently have Yearly selected).
• If you are changing from Yearly to Monthly, a Premium Finance Agreement will be requested during this process. Please see article Email and View PFA'  for more information on that process. 
• Select Submit to perform the change. 
• A payment schedule of monthly payments should now show in the Payment section.

 

NEW - April 2022 - Change Payment Frequency (Valet Finance users only) 

 

If you use Valet Finance and change from Yearly to Monthly, the Payments section will reflect the payment frequency has been changed, by looking like this:

 

 

If you notice the dates above, on 04 April 2022 - 04 April 2022 the first 'term' shows No Results, to reflect the change in the payment frequency and no payments were taken.  The lower part now reflects the new Monthly payments with the full display of payments and dates (no change here) and reflect the full term showing 04 April 2022 - 04 April 2023!

 

In short, the above started on Yearly pay, no payments were taken, it was then switched to monthly pay. 

 

 

 

• Go to bond and the customer profile you are wanting to amend and first check that the payment method (credit card or account details) are correct.
• In the payments section - select the Actions icon (3 dots), and select Change Frequency - shown above.
• A new tab opens.
• Select the Yearly option (will currently have Monthly selected).  If you are just reviewing this section to tell the customer what they will need to pay if they switched to Yearly, you can do this as the calculations will appear and you can Cancel out without performing the change to the frequency. The messaging in this section will advise the $ amount, without you having to submit.
• Select Submit to perform the change.
• A payment schedule with the Yearly payment should now show in the Payment section.

 

• NEW - April 2022 Change Payment Frequency: Once confirming and selecting Submit you will receive a pop up message to confirm that this change will lock the payment frequency to Yearly, like this:

 

 

This warning is in place as it is no longer possible to switch back and forth between Monthly and Yearly pay. If a payment frequency has been changed once, it will be locked.

 

Important Note: 

Once the change to Yearly has been implemented by you, the support team at Nude Solutions are unable to 'switch' the payment frequency back or reverse this.  We have added pop up messages to ensure that there is a warning before you proceed, but it is worth reminding your team of this.

 

Subsequently, if you were to go back to change the payment frequency again, you will see this verbiage:

 

 

 

 

 

Yes.  There is a feature, similar to the functionality in bond, that allows customers access to make these changes themselves. The same rules apply to making those changes (example, they cant just switch to monthly pay if they have paid in full or tried to pay in full and it declined).

Any changes made in pocket are notified to the broker, via an activity that will be Active in the Customer Care column in bond activities. 

NEW: Change Payment Frequency - All the functionality of changing payment frequency, will be the same for customers who want to perform those pay changes in pocket. Their experience will be the same as that for the broker in bond, including messaging/verbiage.

 

The change process does differ for the customers with Manual Products, where they can select Change Frequency, send a request for the change, for which an activity is created for the broker, who then has to process the change or call the customer first to get full details before being able to process. See article: Manual Product: pocket features.