Debt Collection

Payment Operations Collections Process



When a client owes a debt, the payment operations team attempts to collect from them using a Structured Payback Plan (FHSPP). This plan is an agreement to pay off debts over a longer period of time at a specific payout rate. This process is automated, and updates a number of custom fields in Close:

• FHSPP – Currency – The currency in which the client operates


• FHSPP – Document – Link to FHSPP agreement (signed or unsigned)

• FHSPP – Payout Rate (%) – Agreed upon payout rate


• FHSPP – Debt balance – Remaining debt owed

• FHSPP – Debt Owner – FareHarbor team member responsible for communications regarding FHSPP

• FHSPP – Dispute Date – Initial date of dispute

• FHSPP – Debt Status – Status of FHSPP and/or collections

  • To Be Collected – Identified as having a dispute and having debt, but has not been contacted to create a FHSPP

  • Collecting – FHSPP agreement has been sent with agreed upon payout rate


  • Debt Collected – All debts paid (Note: it is possible for new debt to be incurred, at which point the field will move back to “To Be Collected” and “Collecting”

  • Insolvent – Funds were not recovered through FHSPP, but account has not been sent to Summit

  • Legal Collections – Account has been passed to a collections agency

All Custom Fields listed are changed appropriately by automation or by members of the Payment Operations team throughout the process.