[New Feature] Finance | Direct Debit your owners, all within Prism Finance
23 October 2019 | Prism Finance | Thoroughbred Payments
Together with our payment partner Thoroughbred Payments, we have made it even easier for you to invite your Owners to sign up for direct debit, and to charge those Owners on the date payment is due.
If you subscribe to Prism Finance and Thoroughbred Payments to process payments via credit card and/or direct debit, please
contact us to enable this new feature, described below.
After the Direct Debit feature is configured by Prism, the following process invites your Owners to authorise you to debit their credit card on the due date of each invoice.
There are twoways to email a Direct Debit invite to your Owner or Owners.
1. Email a Direct Debit Request/Invite to an individual owner by selecting the finance account of the Owner and clicking the [Send Request] button.
2. Email a Direct Debit Request to multiple owners by clicking [Send Request] via the Finance > DIRECT DEBIT tab.
3. Email a Direct Debit Request to selected Owner(s), Owners by Horse or defined Group of Owners.
Regardless of the three methods above, edit the email and then click [Send].
The system will email the Owner with a ‘Direct Debit Request’ link.
Back in the Owner Account window, the Direct Debit status is displayed as ‘Awaiting Confirmation'.
The Owner(s) will receive an email similar to this.
Upon clicking the link, the Owner can complete the Direct Debit Request form.
You can then proceed to debit the Owner(s) credit card on the due date.
The Owner(s) who authorise Direct Debiting and have total due >$0 will be listed in the Finance > DIRECT DEBIT tab
You can direct debit each Owner individually, or multiple Owners. After debiting Owner(s) the Direct Debit screen will be updated as following:
Pending amount = 0
Last Debit = the amount that you debited
Last Debit Status = Processing / Success / Filed
Last date of debit transaction
Click [Refresh] to update the status. Time to process a debit could be around 30 minutes.
The invoice issued to any Owner who has authorised Direct Debit will include the wording "‘The amount will be debited to your nominated account on date xxx", and the PAY button will not appear.
Please note that if you edit a Statement and change the amount owed AFTER debiting an Owner's credit card or bank account and before the payment is reconciled in your accounting system (likely to be Xero), the Direct Debit Pending Amount will display incorrectly. For example:
1. Total due = $1000
2. You debit the Owner's account
3. You edit Statement of Owner and total due is now $1200
4. The Direct Debit page displays Pending Amount $1200 but Last Debit $1000, along with the Last Debit Status (Pending, Success, Failed)
Upon direction of an Owner, you may cancel the Direct Debit arrangement
Go to the Owner > ACCOUNT window and select [Opt-Out].
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