How to setup a payment holiday for your customers in Storman Cloud

payment-holiday-storman-cloud

Sometimes the situation dictates that you need to give some of your customers a “payment holiday”. A payment holiday could be one of the 2 options below:

  1. Where you suspend a customers’ rent payments. The debt still accrues, to be paid at a later date, or
  2. Where you choose to reduce the standard rent amount for a set period of time.

Option 1: Suspend a customers’ rent payments

If you want to suspend a customers’ rent payments but still accrue the debt they owe, then follow this four step process below:

  1. Set up a new correspondence plan with no late fees or late notices attached.
    Please contact Storman Support to help you with this.
  2. Assign the correspondence plan to the customer.
    On the “Correspondence tab” in Storman Cloud, choose the correspondence plan number that was just set up:Waiving late fees in Storman Cloud
  3. Turn off automatic payments for this customer (if applicable)
    If your customer is setup to be on Autopay, you will need to turn this off.

    To do this, go to the “Autopay” tab for your customer and ensure you have “unticked” the “Setup Autopay for this agreement” field, as shown below:

    Setup Autopay for this agreement”

  4. Add a task to remind you to turn the Autopay back on!
    At some point, you will want to turn these customers Autopay back on.  You can do this in Storman, on the “Operations tasks”, by setting up a task to remind you when to do it, as shown below:Operations tasks

Option 2: Reduce the standard rental amount for a set period of time

If you want to reduce the standard rental amount for a set period of time, then the process is quite straightforward.

In the example below, the current rent being paid is $180 per month and you want to give a 50% discount for two months.

  1. Navigate → Side navbar → Operations dashboard
  2. Open the customers’ record and Navigate to the “Regular charges” tab and edit the unit. You’ll see something like this below:Regular charges
  3. Edit the following fields on this screen:
    1. Regular rent” to be $90 (which is 50% off)
    2. New rent amount” $180
    3. Increase from” set to be 2 months in the future (today is 14/4/2020)

New rent amount

 

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