Add a Customer Payment Profile
Audience: Loan Servicer or Collector, Loan Servicing/Collections Managers, Compliance
LoanPro’s payment integrations make servicing loans with payments incredibly easy. Through the creation of customer payment profiles, payments on loans can be made securely within LoanPro's Loan Management System (LMS). Though, if you don’t have an active Secure Payments account connected to your LoanPro account, you will not be able to add payment profiles; your customer payment profile information is stored in Secure Payments to ensure security and remain in compliance with PCI DSS (Payment Card Industry Data Security Standards).
In this article, we'll explain how to create customer payment profiles within LMS.
How to Add Payment Profiles
Like we mentioned, it's required to have an active Secure Payments account connected to your LoanPro account to create payment profiles. With this in mind, here is a break down of how to create payment profiles in LMS.
You can add a payment profile for a customer in three separate places within LoanPro: the Customer Manager, a customer's information page within an individual loan, or through the Servicing tab within an individual loan. We'll explain the process for each method.
Within the Customer Manager
The Customer Manager is a hub for all of the customers within your tenant account. Here, you can create customers, view their information, and make updates to their profiles. To create a payment profile for a customer through the Customer Manager, navigate to Users > Customer Manager.
Then, select the customer you'd like to add a payment profile for.
As the image above shows, this page allows you to edit a customer's information. Select 'Payment Profiles' and then 'Add' to create a new one. Then, select which type of payment profile you'd like to create. In our example, we chose to add a bank card. Once the payment profile information is accurate, scroll down to click 'Submit'. Finish the process by giving the new payment profile a name to describe it. Your newly created payment profile will now display in the customer's Payment Profile section here and in the loans they are associated with.
The payment profile information you create is now displayed within LMS but only with a minimum amount of data. In LMS, you won't be able to retrieve the full payment profile data. The full data is stored within Secure Payments and tokenized to ensure security.
Within an Individual Loan
Individual loan pages also include customer information. You can view and update customer information through a loan's page by navigating to an individual loan via the Loan Manager and selecting Customer.
As you can see, the customer information found within individual loans is displayed exactly as it is within the Customer Manager. Creating a payment profile through an individual loan works in the same way as above: select 'Payment Profiles', then 'Add', and input the payment profile's information.
Within the Payments Tab
Lastly, you can also create payment profiles within the Payments tab of an individual loan. To do so, navigate to Servicing > Payments within a loan.
From there, you can save a payment profile for the primary or secondary customer on the account as a part of logging a payment.
After clicking 'Log Payment' as shown above, navigate to the 'Payment Profile Information' tab to be provided an option to add a new payment profile. In this example, we'll add a checking account to our customer's payment profile information.
Follow the same process as above to create your new payment profile. Once you click 'Submit', your new payment profile will be listed in the customer's information.
Payment Profile Details
Now that you know how to create payment profiles in a few different ways, let's go over some of the finer details.
First, you can view additional credit and debit card information by selecting the 'Read More' link on an individual payment profile. Here, you can view the issuing company and their information, as well as the type of card.
By selecting the three-dot options button located on the right, you can determine a few settings for the payment profile. Selecting this allows you to edit it and view its history. Additionally, you can make the payment profile invisible if you don't want it to be listed on the customer website. And if the payment profile is no longer used by the customer, you can set it as inactive here. Lastly, you can also set whether the profile is the primary or secondary form of payment for a customer. This setting is symbolized by the keys displayed on the left. A gold key signifies that the payment profile is currently the primary form of payment.
Common Uses & Questions
Here's some information for specific roles at your company, as well as common questions we hear about payment profiles.
Loan Servicer or Collector Use
If borrowers ever have questions about which profiles have been used on previous payments, you can check in their Payment History tab. That page shows all payments in a table. Clicking the blue text in the 'Info' column will expand information about a particular payment, including the payment profile ID.
Loan Servicing/Collections Managers Use
We strongly recommend that you train servicers, collections agents, or anyone else who handles payment information to save that information in our system as soon as it is received, and to avoid storing that information anywhere else.
When payment profiles are saved, they're added directly into Secure Payments via an iframe. We strongly recommend that you enter card data into that iframe as soon as it is received, and that it is never stored in your own software or database, as this would put you under the scope of PCI-DSS compliance. Violating these standards can lead to fines of up to $100,000 per month.
Once a payment profile is saved, the full account number or card number can never be retrieved by an agent user. Through roles, users can be granted access to see a redacted number (e.g., "XXXX-XXXX-XXXX-1234"); or, they can have their access restricted so they can't even view that.
Does it matter whether I create the payment profile in the customer manager or the loan manager? Not in the slightest. Regardless of where you add the payment profile, it gets tokenized and saved in Secure Payments and can then be used when you log payments in LMS.
If payment profiles are saved in Secure Payments, why don't I create them there? To keep your borrower's info safe, we save everything in Secure Payments. But for your convenience, we've added iframes that let you put information into Secure Payments without actually logging in.
Here's a quick rundown of some of the terms we use in this article.
A payment profile is an individual bank card or bank account that a borrower uses to make payment son their loan.
A payment method is the medium for a transaction, like cash, check, e-check, or bank card. You can also add new payment methods.
An iframe is sort of like a window into another website. You can interact with things on the other site, all while staying on the same webpage. All three of the places in LMS where you can add payment profiles are actually iframes into Secure Payments, our PCI-compliant payment software.
Before you can process ACH or bank card payments in the software, you'll need to add payment profiles and create a payment processor. Our article Payment Processors 101 explains what they are and how they work, and Payment Processors – Next Steps shows you how to set them up in the software.