Watch: Guide to setting up lump sum payments

3 min read 1 Apr 21

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Here’s a quick guide to setting up lump sum payments so we can allocate them as quickly as possible.

There are two simple stages.

First, set up a commitment.

Just go to the client's account details card and look for the ADD LUMP SUM button.

This lets us know a payment is on its way.

And don't forget:

  • raise one commitment for each payment
  • make sure the commitment amount matches the payment amount exactly
  • select the right payment method - for example direct credit if it's a bank transfer
  • and capture any bespoke investment strategies or fees that apply to the payment.

Second, you can help your clients send the payment by:

  • making sure they send it within 20 days of setting up the commitment.
  • recommending bank transfer rather than cheques. You find bank details by searching for 'payment details' on the platform.
  • and make sure they put the correct reference for the payment. The account number for Ascentric usually starts with an 'A' 

It’s easy to set up payments correctly. And by following these steps you can help us allocate your clients’ payments more quickly.