<Product enhancement>
<Configuration requires a separate service agreement>
Now card issuers and consumer finance companies who manage unsecured loans on Way4 can simplify the bad debt write-off process. If a customer can’t repay the debt, the company’s back-office staff does not need to modify the accounting scheme or perform the write-off manually. The new workflow will simplify and speed their work.
We added a new parameter on the product level that can change a product’s status to “bad debt write-off”. Once activated, this status automatically initiates all the accounting steps required to balance off the debt and create the corresponding records in the general ledger.
Since every issuer of credit cards or loans uses its own product configuration and write-off rules, the implementation of this new feature requires an additional review of your Way4 system configuration. Please contact your BRM for more details.