Auto-pay via Checking Account (ACH) is our recommended recurring payment method for all customers. We have found this to be the best method to ensure on-time, regular payments. As you know, we offer financial incentives for getting ACH enrollment, as well as deterrents when ACH is cancelled during the guarantee period.
The Portfolio Analysis reports on Dealer Portal include this information for your review and accounting purposes. In addition, we are happy to share that we have added three additional columns to the 1st notice and aging reports to make this information easily accessible. The new columns include:
- Original Payment Type – will populate if the customer was originally enrolled with ACH but has since changed recurring payment method
- Payment Change Date – the date of the change
- New Payment Type – either credit card or invoice
Changes to recurring payment method can often be an indicator of future delinquency. While the customer may not have a balance when we report the ACH cancellation on your 1st Notice and Aging Report, we want you to be aware of the change. Most ACH cancellations are caused by insufficient funds or closed accounts.
MONI proactively works to update ACH information with our customers, and you will find that many times customers are re-enrolled before the end of the guarantee period. As long as the customer is on ACH when we close the guarantee, you will not be penalized or charged.
Getting customer payment methods updated should be handled the same way you handle a customer who wishes to pay their outstanding balance. You may connect them to MONI Customer Care at 800-447-9239 or advise them to log into their MyMONI account on mymoni.com to update their information online.
If you have any questions, please contact Dealer Care at 800-615-3844.