Transaction Types

This article provides information and definitions of the transaction types within the Forth system. It is organized into the following two sections:

• General Transaction Types
• CFT-specific Transaction Types
• Forth Pay-specific Transaction Types
• FORTH Mapping to CFT Reference

General Transaction Types

Account Adjustment - a business transaction that has not yet been included in the business's accounting records as of a specific date.

Account Transfer - A Debit to a specific payee account. Typically used to move money from your DSC bank account into the client's custodial account. (I.E., used for settlement advancements or to pull back fees). When manually creating a transfer, the selection displays as "Account Transfer", but once the transaction is created it is labeled as "Transfer". The same behavior occurs when using the Account-to-client transfer functionality.

• NOTE: Reimbursement is a subtype of Account Transfer to track transaction reimbursements.

ACH Client Debit - An ACH Debit that is drawn from a consumer account number and routing number

ACH Credit / Fee - A Fee payment payable to a specific Payee defined in the system.

Advance Recoup - Attempt to recover funds previously issued as an advance

Balance Forward - the previous balance on an account that has been carried over from the previous statement to the current statement

Balance Transfer - Transaction to account for a balance transfer from one provider to another. Typically when migrating a client from another Account Management provider to Forth Pay.

Check Paid Fee - A fee payment associated with having a payment made by paper check

Client Advance - Money issued to a consumer as an advance.

Client Check Payment - Payment received from the Client as a check/cashier's check/money order.

Client Refund - Money issued back to the consumer, via ACH, check, wire, or other means.

Credit Card Payment - A client's credit card payment that is charged to the credit card on file.

Custodial Reimbursement - A credit from Forth Pay to the client's custodial account.  

Disbursement Fee - Fee from the gateway for Settlement Payments

Earned Performance Fee - A fee paid to a payee in the system for a performance settlement. Similar to an 'ACH Credit / Fee'

eCheck - a payment method that contains the same information as a paper check (i.e., checking account number, bank routing number, and payment amount); only the entirety of the transaction is managed digitally. In the United States, eChecks run off the Automated Clearing House (ACH) network.

Fee Account Withdrawal - A withdrawal transaction initiated from the fee account to adjust or recover previously applied fees.

Forth Custodial Fee - the Forth Pay Custodial Account Fee

Forth Reimbursement -  reimbursement issued from Forth Pay to the DSC or Payee for previously held or reversed fees.

Remittance - A money exchange using a transfer, often done internationally

Retained Performance Fee - A fee held by Forth Pay that is realized to the Debt Settlement Company or Payee when a settlement has been reached.

Settlement Advance - Moving money from your DSC bank account into the client's custodial account

Settlement Payment - Payment made to a Creditor via Check By Phone, Wire, Check, etc.

Transaction Fee - an expense a business must pay each time it processes an electronic payment for a customer transaction.

Trust Deposit - A deposit (not being an agency deposit, an investment deposit, a protection deposit or a special deposit) held on trust.

NOTE: Transactions can have Sub-Types. These are configurable by the DSC. This will allow you to create specific sub-types of the top-level transactions.

For example: Credit > Retainer Fee, or Credit > Recoup, etc.

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CFT-specific Transaction Types

Forth Pay-specific Transaction Types

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FORTH Mapping to CFT Reference

Attached to this article is a Forth to CFT Mapping Reference document for your information.

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