finPOWER Disbursements Add On
In its simplest form the Disbursements Add-On is used to distribute the amount advanced for a loan, but finPOWER goes much further than just that simple functionality. The Disbursements Add-On can:
- Pay out the proceeds of the loan to multiple parties, either by Cheque or Direct Credit. This is useful if you are consolidating debt for a client and paying out a number of other finance companies and banks etc.
- Pay out specific costs directly associated with a Loan i.e. legal fees.
- Accrue the payment of certain costs i.e. accruing Insurance Premiums to be paid on 20th of the month following.
- Specify the Payment Date of a distribution being made from the Loan. Useful for commissions that are paid after 60 days etc.
- Account for the transactions where the loan is for an internal sale i.e. in-house financing, and no money physically changes hands.
- Accurately handle internal refinancing transactions.
- Highlight any variances in the amount advanced and distributions made.
- Print cheques and consolidate direct credits.