Direct Pay Set Up - ARVEST Bank

This document discusses the process that applies ONLY for ARVEST BANK settlements. 

The following provides an overview of the settlement negotiating process and describes the procedures required to convert settlement payments from an existing payment type to Direct Pay (Click here to learn more about Direct Pay)

Overview:   

Normal ACH/Check by phone payment types have five (5) steps involved in the negotiating process. With Direct Pay, there is no need to call creditors to set up scheduled payments.

🔺For all ARVEST settlements, please inform your team not to call in payments, as they can cause duplicate payments with this creditor.   

Scheduling Settlements:

Once you select the payment method under the payment terms as direct pay, the Creditor Payee Details section (left-hand side of the screen) updates with Direct Pay Details.

Failure to adhere to this process may delay or cause the payment file to fail and require manual intervention.  Payments could be lost and shown as UNPAID.  

Please double-check that the entries are correct before saving the settlement.

Settlement Payment Decisions:

Forth sends funds to creditors based on the process date for ARVEST settlements eliminating your daily task of approving each settlement payment. Furthermore, settlement payments will be paid only if the consumer has sufficient funds in their special purpose account. Any shortage in funds will result in the transaction remaining in Low Balance status until funds are available or advanced to the client.  

What about low-balance accounts?   How do I advance if the Decisions page is gone?

Forth created reports that enable you to make advances to address these exceptions.

1. Uncollected Settlements Checks Report - lists all uncollected/unpaid settlements in pending, shipped, or low balance status.
2. Low Balance Forecast Report - lists all potential low balance accounts up to two (2) weeks out. Features an advance button to facilitate on-the-fly account adjustments.

At the beginning of each month, ARVEST sends out its own Uncollected Debt Payments report to you. You are responsible for reviewing these reports and managing these missing or late payments directly with ARVEST.  

Questions:

If you have any questions or need more information, feel free to contact us at settlements@setforth.com.