Episys® Skip Payment™
Manage skip payment requests for multiple loans
A skip-payment program can assist both members and credit unions. Members receive the temporary payment relief they need, and credit unions earn more interest income over the life of a loan. Episys Skip Payment makes it easy, reducing errors, and eliminating manual processing to determine if a loan qualifies.
Episys Skip Payment provides a simple user interface to handle requests for a multiple loans on an account. The program uses credit-union-defined criteria to determine if the loan is approved or denied for a skip payment. Common criteria used:
- Loan types
- Number of days loan has been open
- Maximum number of days past due
- Number of delinquent payments within a specific number of months
- Minimum number of payments made
- Ineligible account warning codes
- The existence of a negative share, charge-off share, and charge-off loans
If the loan is denied, Skip Payment alerts the user of the reasons for denial. It creates a detailed loan-level record for the approval or denial. Skip Payment also allows you to automatically charge any applicable fees to a member’s selected share. It automatically launches any associated forms required to skip a payment.
What It Does
- Enables you to define criteria for approval
- Notifies the user of approval or denial
- Creates detailed records of the request
- Automatically charges applicable fees
- Automatically launches associated forms
What It Does For Me
- Simplifies skip payment processing
- Reduces errors
- Eliminates manual processing