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Understanding Wallets

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What does this section cover?

What are Wallets ?

Wallets  Glossary

TermsDescriptions

Wallet Balance

The amount of money which are available in a wallet and can be used to carry out transactions within CRM.COM. In more technical terms the balance is the credits less the debits

Wallet Identifier

A value that uniquely identifies the wallet. It can be a direct identifier like the wallet id or wallet number or an indirect identifier like the related account receivable’s id or number

Wallet Allotments

Wallet allotments are used to identify restrictions on how the wallet available amount, generated by wallet credit transactions, can be consumed

Wallets  Key Processes and Concepts

 

Processes / ConceptDescription

EXAMPLE

Allocation Process & Allocation Principles

EXAMPLE

The allocation process is used to allocate credit transactions against debit transactions to settle them.
The allocation process is an automated process triggered every time a financial transaction becomes 'Posted'.
Within CRM.COM, you have the option to select between one of 2 main allocation process principles, that will be applied to all financial transactions within the system;

  • FIFO :Where a credit is allocated against the oldest available (non-allocated) debit automatically
  • FIFO & Against Item :Where a credit is allocated first against a designated debit and any remaining amount is allocated FIFO
  

Wallets  Network Characteristics

Network Characteristics define the level of access for each record. i.e. Whether it will be available for selection, for viewing or editing etc.

EntityNetwork Characteristics
Wallets

 

Wallets  Related Modules 

Interaction EntityHow
Accounts ReceivableWallets owned by Accounts receivable
Wallet TransactionsWallet Transactions allocated against Wallets

 

Wallets  - Business Examples

The following section provides business examples to help you understand how CRM.COM Wallets  module is used.

Calculation of wallet estimated consumption for prepaid subscriptions

Calculation of wallet estimated consumption for prepaid subscriptions

Business Requirement

Company ZX provides its customers with Prepaid Subscriptions. This means that the customers pay up front for the services that they would like to be viewing. Once the amount they have paid is out then the services are automatically disconnected. The credited amount can be allotted on specific products that they have on their subscription. Customers often call in order to find out how much money is left in their account and when their subscription will be disconnected.

Case 1

Customer has paid 300 and he has 2 products on his subscription. Sports HD and Kids HD. Customer is subscribed to normal Price Plan with the following prices:

Kids HD: 20 per month

Sports HD: 30 per month

CRM.COM Solution

...........

Customers with Prepaid Subscriptions will have both an Accounts Receivable as well as a Wallet. The wallet will hold the amount of money that the customer has paid upfront in order to use it for his prepaid subscription.

  • Once the background process is executed the following information will be populated. 
    Current Date: 01.06 

    Wallet

    • Estimated Consumption Days:6 months
    • Estimated Consumption Date: 01.12
    • Estimated Consumption As of Date: 01.06
    • Balance: 300

    Per Product

    • Sports HD
      • Estimated Consumption Days:  
      • Estimated Consumption Date: 01.12
      • Estimated Consumption As of Date: 01.06
    • Kids HD
      • Estimated Consumption Days:
      • Estimated Consumption Date: 01.12
      • Estimated Consumption As of Date: 01.06

 

More Information on Calculation of wallet estimated consumption can be found at: Calculating Wallet Estimated Consumption

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