A transaction code is used to make any necessary changes to an account, these changes range from payments being made to accounts entering the decline process. Please see below a detailed description of what each of these transaction codes mean:
plan - This transaction code indicates when an account was placed into a new payment plan, there is no 'value' as it is not a payment and simply allows you to see the date a payment plan was set up with the customer.
decline - This transaction code indicates when an account has missed a payment so our decline process has begun, accounts with this transaction code may still have an active direct debit and solely been unable to pay their most recent instalment. More information on our decline process can be found here.
cancelled_ - This transaction code indicates a customer has cancelled their direct debit without setting up an alternative payment arrangement. This may cause accounts to begin the decline process before they have missed an instalment. More information on our decline process can be found here.
hold - This transaction code will temporarily pause collections activity on the account for a select number of days.
recalled - This transaction code is applied if a customers finance account is cancelled for any reason. If an account is recalled then the customers balance is written off and the account is closed.
writeoff - This transaction code is used when an account has a very small balance remaining (below £0.10). This will remove the remaining balance to make the account as paid in full.
paycd - This transaction code is used when a customer makes a card payment either over the phone or with a continuous payment authorisation. The transaction for a card payment will be applied to the customers account one working day after the payment has been made.
paydd - This transaction code is used when a customer makes a direct debit payment. The transaction for a direct debit payment will not be added to the account until the payment has been received by PayItMonthly, this will not be the same day that the payment is made. We will receive the funds from a direct debit payment 2 to 3 days after the payment has been made, then the transaction will be applied to the customers account the next working day.
paybt - This transaction code is used when a customer makes a payment straight into our bank account either as a one off transaction or as a standing order. The transaction for payments directly to our bank are applied to the customers account one working day after the payment has been made.
direct - This transaction code is used when a customer makes a payment directly to the client. If your customer does make a full or partial payment to you then please let us know as soon as possible. For more information about accepting payments from your customers and why you must let us know please click here.
payst - This transaction code is used to indicate a payment taken through our alternative credit/debit card gateway.
leglba - This transaction code is placed on an account once the account enters our legal process and a Letter Before Action (LBA) has been sent to the customer.
legpoc - This account is used for a later stage of the legal process once a claim has been submitted to the court and court costs have been paid. This will add any court fees and a 'Claim Number' to the account.
The transaction code at the top of the list may not always be the most recent transaction. Always check the 'Trans Date' column to make sure you're checking the most recent code.