Root’s managed debit order service has three collection strategies that can be chosen from when setting up a product module.
|EFT-only||This strategy only uses EFT debit orders. On the |
EFT debit orders are cheaper than DebiCheck debit orders, but might result in less successful collections.
|DebiCheck, falls back to EFT||This strategy uses DebiCheck for collections, but falls back to EFT-only for policies that failed to accept the electronic mandate.|
Root will submit the payments three days before the
P - 3 days: submit to bank (
P - 2 days: attempt to collect (
P - 1 days: attempt to collect
P: attempt to collect (
P + 1 days: attempt to collect
P + 2 days: attempt to collect
|Hybrid||This strategy is the default strategy that uses a combination of two-day EFT debit orders and DebiCheck to optimize for collection success vs cost of collection.|
For policies that are current, simple EFT debit orders are used.
For policies that are in-arrears, DebiCheck collections are used if a mandate has been accepted. If not, EFT debit orders are used.
Updated 7 months ago