Contract Installment Payments are posted manually by BFI PMT LLC to client’s debit, credit or checking account.
- Clients pre-authorize these transactions using “BFI Sign,” the same eSignature system used for Contracts and other sensitive client file documents, OR during a scheduled Voice Authorization Conference.
- Clients are required to maintain at least one valid payment method on file. Clients at or above Contract Security Level 7 are required to maintain at least two payment methods on file.
- For new clients, a Payment Authorization is usually included in the Contract Packet, and it is completed at the time of signing, during the Third (3) Step.
- For returning clients, the Payment Authorization is NOT included in the Contract Packet, as at least one is already maintained on file.
- Prospective clients may complete a Payment Authorization during the Application process. In this case, the Contract Packet will NOT need to include a Payment Authorization, as it will already be maintained in the client file.
Manual Card Authorization
- The Manual Card Authorization form may be used by current or prospective clients to add a new primary or backup card.
- A $1.00 charge is initiated upon processing to verify that the card is valid.
Bank Draft Authorization
- Clients who are US residents are eligible to pay with Bank Draft (ACH).
- A $1.00 charge is initiated upon processing to verify that the account information is valid.
Voice Authorization
- Clients and applicants may submit payment card and bank draft authorizations during a scheduled voice/video conference.
- A processing fee in the amount of 3 DSLs (Daily Surrender Load Units) is charged at the time of the conference.
- 3 DSLs = Total Contract Price ÷ Term Length in Days × 3
IRS Form W-9
- Clients who are US residents who exceed USD $5,000.00 in payments in one calendar year are required to complete and submit IRS Form W-9 to BFI PMT LLC.
- Contracts with a 12-Month Purchase Price in excess of USD $10,000.00 include Form W-9 in the Contract eSignature packet.
- The document is kept in the client’s file, as required by law.
