Setting Up Financial Details for Your Customer in FinView

After defining the essential customer settings in FinView, you can proceed to detail the financial aspects of your customer's account. The key elements you'll need to address are:

1. Currency: This is where you specify the currency related to your customer's cases. Define both the region (Locale) and currency type. Remember, it's not possible to assign multiple currencies to a single customer. If your customer has invoices in varying currencies, you'll need to create separate customer accounts for each one.
2. Banking Details: In order to process payments to your customer accurately, their bank account details are needed. These details include the bank name, account name, and IBAN number. The SWIFT code is optional. For UK customers, you can provide the account number and sort code.
3. Debt Collection Costs: This section allows you to determine default collection costs to apply to each case. Options range from a fixed fee per case to a tiered fee structure based on the case's value—ideal for international collections under varying legal conditions. For guidance, see our guide on entering debt collection costs.
4. Case Interest Rates: If you plan to charge interest on the main sum of the case, set your parameters here. You can use a fixed rate, utilize a delay rate table (defined in your business entity), and specify the number of days post-invoice date before interest starts to accrue. Refer to our guide for more details.
5. Invoicing Details: This is where you set the rules for how you invoice your customer.
6. VAT: If applicable, you can define any VAT charges to be applied over your collection fee here.
7. Administration Costs: If you wish to apply administrative costs to each case, specify them here.
8. Customer Financial Components: This section lets you establish the revenue sharing arrangement between your business and your customer. There are multiple options, so we recommend reading our guide for more detailed instructions.

Note: The financial settings specified here serve as defaults across your customer's account. However, if you need multiple financial components, you can specify custom financial settings at the bucket level. More information on this can be found in our guide.

With these financial settings defined, you can better manage your customer accounts in FinView, ensuring all financial aspects are transparent and accounted for.