Collections
Merchant Payment Process Quiz
Test your knowledge on the procedures and agreements involved in the merchant payment process. This quiz covers essential topics that every professional in the field should know.
- Understand payment methods for merchants
- Learn about legal agreements
- Explore lien priorities and judgments
- Assess what to do when merchants change their bank accounts
When we have started the legal process and then reach an agreement- What is the agreement called?
Stipulation of settlement agreement
Settlement agreement
Payoff letter
ACH form
When do we have to confirm what to do next with the US team
When merchant sends bank statements to increase/lower payments
When merchant wants an offer to settle
To send releases to ARs
To sue a merchant
To send an email to merchant
Louis has an outstanding balance of $10,000 and we are holding $4,500 at Wells Fargo. We agreed to settle at $8,500, with funds at WF released to us and the rest to be wired. What documents to we send the merchant?
Settlement agreement
Stip of settlement agreement
ACH Form
Conditional Release
Standard Release
We always waive the default fee when merchant wants to payoff.
True
False
Emma , merchant based in Texas, has not paid in two years and we already have a judgment. I can task Samuel to put a lien on her property ASAP.
True
False
My merchant has switched bank accounts and he confirms we can resume debits. I can task Jibin to turn debits back on.
True
False
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