API - Making a Payment - Process Overview
Before you can make a payment through the API you must have a loan and a customer set up in LMS. This process is explained here: Create a Loan - Full Process article as well as in the Before You Start section below.
Before you Start
Set Up the Loan and Customer
- Create A Customer. You most likely already have a customer created, but if you don't, this step will be necessary. In order to make a payment, you first need a customer because payment profiles (e.g. a credit card) are directly linked to a customer. When creating a customer, make sure you keep track of the customer ID in order to link the payment profile or link the customer to the loan. To create a customer through the API, see these resources: API - Create A Customer, Create New Customer Endpoint
- Create a Loan. In order to process a payment through LMS, you must create a loan and a customer must be linked to the loan. You can create a loan and a customer at the same time through the API. Here are some resources to help you create a loan through the API: Create New Loan, API - Create a Loan
- Link the Customer to a Loan. In order to make a payment using a customer's payment profile, you should make sure the customer is linked to a loan. Often, loans and customers Here are some resources explaining how to do this: Link Customer to a Loan Endpoint, Linking and Unlinking Customers and Loans
Set Up Payment Profile
Before you can process a payment, you need a payment profile (a specific credit card or bank account) and that payment profile must be linked to a customer. The information shows how to do this.
- Create A Payment Profile. In order to process a payment, you will need either a credit card or bank account that is linked to your customer. To maintain PCI compliance, payment profiles must be created in Secure Payments and then linked to the customer. To create a payment profile, see the following resources: Add Payment Profiles (iframes), Create Checking Account
- Link the Payment Profile to the Customer. Because the payment profile was created in Secure Payments, you must now link it to your LoanPro customer. In order to do that, you will need the payment profile token that was returned by the creation step. You will also need the ID of the customer to which the payment profile will be linked. Here are some resources about linking a payment profile: Add New Payment Profile Endpoint
Process the Payment
Payments can be made in LoanPro LMS in two ways. It's important to understand the difference.
Log Payment - Logging a payment is simply making a record of a transaction that occured on a loan. This will not pull any money from a card or an account, but will create a record of a transaction where money was exchanged. This type of payment is cases like:
- Customer pays in cash
- Customer pays with a check/money order
- Customer pays with a card, but the card transaction is processed outside of LoanPro LMS
Process a Payment - Processing a payment in LoanPro LMS will initiate a transaction that will actually pull money from the customer's card or account. This will create a record of the transaction just like logging a payment, but will also pull money. This type of payment should be used only if you want LoanPro LMS to initiate a transaction that will actually pull money from the customer's card or account. Here is an article that covers how to process a payment through the API: API - Processing a Payment