MCA Suite is pleased to release the “Payment Calendar” for our Funder clients to improve the tracking of their merchant cash advance deals and provide more accurate metrics on their portfolios. A Payment Calendar is created for every MCA deal tracked by MCA Suite. The Payment Calendar lists all the scheduled payments for the cash advance and compares them to what was actually collected. This gives Funders a detailed view of when payments are scheduled to be collected; when the payments settle and are applied to the amount repaid; if payments were missed how much is missing; and when the advance will be repaid given its current performance.
As part of the Deal Tracking process, you can now define when collections should begin and what type of collection schedule should be used (weekdays only, everyday, etc.). As with other funding and collection parameters, these values can be modified after the deal has been tracked.
With the introduction of the Payment Calendar, we have eliminated “Payments Per Month” and the concept of “Estimated Turn,” choosing instead to use a “# of Payments” amount. While having the “Payments Per Month” helped our customers estimate the number of payments they expected to receive each month, it was always just that – an estimate. Now MCA Suite customers know exactly how many payments they are supposed to receive each month and, as such, have a much more accurate understanding of when their advances should be repaid.
Visit our support article on the Payment Calendar for more information.