Payment advances are a great way to provide regular income to agents, based on and drawing from future earnings. With Zipi, you can easily create payment advances and have the totals subtracted from future commissions.
1. Go to Lending > Advances.
2. Click the Create button.
3. Add the following information:
a. Recipient Agent or user.
b. Interest Rate Type, for example, a Flat Fee or Percentage. This is NOT the total of the advance, but the amount that will be charged each period.
c. The Name of the advance in Product/Service.
d. Interest Rate Limit - which is the number of periods at which the interest rate or fee will be applied. Note, if the advance loan is repaid in full in a single period, this will not be charged for subsequent periods. So for example, if you had 12 periods, and it was charged monthly, the advance loan will be applied for 12 months.
e. The Date the loan starts.
f. Amount of the advance loan.
g. Interest Period, this is the frequency at which the interest will be applied. e.g. Monthly.
4. Choose whether you would like this deducted from future deals or not by checking the Deduct from Future Deals checkbox.
5. Click Create.
You have now created an advance loan.