Transaction Types

This article was developed to provide information and definitions of the transaction types within the Forth system.

It is organized into the following two sections:

• General Transaction Types
• Forth Pay-specific Transaction Types

General Transaction Types

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.

CFT Fee - A fee payment payable to CFT

Check Paid Fee - A fee payment associated with having 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 - 

Forth Custodial Fee - the Forth Pay Custodial Account Fee

Forth Reimbursement - 

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.

Reversal - When a transaction is undone, and any payments are returned to the originating source.

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.

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)

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

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

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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Forth Pay-specific Transaction Types

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