Recurring Payment Settings

From Admin > Financial Settings > Recurring Payment Settings you have some options available to set how you would like vega to manage your recurring payment schedules.

On Payment Failure

This setting allows you to set what happens when a recurring payment fails and provides two options:

Set Retry Schedule

When this option is selected it will display all the fields shown above to allow you to define how another payment should try to be taken again.

• Number of Payment Failures

Set how many times the payment will be tried and fails before it moves to the On Retry Failure Setting.

• Days before retry

Set the number of days between each retry. Please note, this setting will be applied to all recurring schedules regardless of their frequency. 

• On Successful Retry

When a failed payment has been retried within the number of tries set and a payment is successful, this setting allows you to define what date should be set for the next payment attempt. This setting has two options available:

Continue on Schedule- This will set the next payment take date based on the original first payment attempt. If a monthly payment was first attempted on the 15th of the month, failed two attempts on the 22nd and 29th, and then had a successful payment on the 5th of the next month it will set the next payment attempt as the 15th of that same month. The next payment attempt will always be the frequency after the initial payment attempt, regardless of when the successful attempt was taken.

Set Schedule to Next Iteration- This will check if the successful payment was taken in the same iteration as the original next payment due date and if so it will skip to the next payment. The iteration is based on the frequency:

Weekly- Checks if the successful payment attempt is in the same calendar week as the next due payment, if so the next payment due will be 2 weeks after the original next due date.

Four Weekly- It will set the next payment due as 8 weeks after the original next due date.

Fortnightly- It will set the next payment due as 4 weeks after the original next due date.

Monthly- Checks if the successful payment attempt is in the same calendar month as the next due payment, if so the next payment due will be 2 months after the original next due date.

Quarterly, Three Monthly- Checks if the successful payment attempt is in the same calendar quarter as the next due payment, if so the next payment due will be 6 months after the original next due date.

Two Monthly, Bi-Monthly- It will set the next payment due as 4 months after the original next due date.

Six Monthly- It will set the next payment due as 12 months after the original next due date.

Annual, Annually - Checks if the successful payment attempt is in the same calendar year as the next due payment, if so the next payment due will be 2 years after the original next due date.

Twelve Monthly- It will set the next payment due as 24 months after the original next due date.

• On Retry Failure

This setting will be used when No. of Payment Failures has been reached and no successful payment has been made. This setting has three options available:

Suspend Recurrence- This will update the status of the recurring payment to Payment Suspended and will not attempt to take any further payments. These recurrences can be easily found in Money > Recurring Payments > Suspended.

Close Recurrence- This will update the status of the recurring payment to Payment Closed and will not attempt to take any further payments. These recurrences can be easily found in Money > Recurring Payments > Closed.

Continue on Schedule- This will set the next payment due date as the frequency after the initial payment attempt and the recurrence will remain as an Open status.

 

Continue on Schedule

When this option is selected it will update the payment's next due date based on its frequency after one payment attempt. A recurrence will only ever be tried once and will always be updated to try the next frequency, regardless if the payment is successful or not.

 

Recurring payment batch creation frequency

Recurring payments are automatically added into batches as per their pay type and the date, eg. Credit Card 1120. This can be set to create a new batch each day, week, fortnight or month.

 

Recurring payment auto generate payments

When this setting is on, vega will process recurring payments even when no credit card is attached to the recurring schedule. This can be used for recurring payments being made by cash, directly into the bank account, or by an alternative payment gateway. The recurrence will create a payment as per the details in each frequency schedule and with the status set below.

 

Recurring payment auto payment default status

This allows you to set the status of each payment that is created by an auto-generated recurring schedule., when the setting above is turned on. When no status is selected it will default to Payment Successful. This functionality can make it easier to reconcile when you're importing recurring payments from Xero or MYOB that are being made directly into your bank account. If this status is chosen as Pending or Incomplete then only when the payments are imported will they be updated to successful and any missed payments will remian as Pending or Incomplete.