How to Process a Payment

How to process a payment

The EasyTrack® system runs an automated job overnight that checks and confirms every loan running in the system to see if it has a repayment due. If a repayment transaction is due on the loan, it automatically generates a repayment transaction against the loan.

As part of making a repayment transaction, even if it's processed manually, the system also makes another transaction called a repayment. While they are in essence called the same, they are not the same and serve different functions. The one just gives rise to the other in the database.

Repayments are listed in the Banking screen, for batching. If a batch is made and that repayment is included in the batch, then the repayment will reflect in the exported ABA or Zepto file.

The ABA/Zepto file is then uploaded into the relevant bank who will then process the transaction listing in order to move the money.