PayNearMe is a service that lets your customers make cash payments to you at thousands of locations nationwide including all 7-Eleven locations. This service is important because often people who borrow money are limited to cash as a payment method. Payments made in cash to PayNearMe will be remitted directly to your bank account and payment information will be sent to LoanPro so that payments can be automatically logged inside of your company’s account.
In order to use the integration with PayNearMe, you will first need a PayNearMe account. Once you have an account, PayNearMe will provide you with credentials that must be entered into LoanPro for the integration to work.
To enter these credentials, Navigate to Settings > Company > Merchant > PayNearMe inside your LoanPro account.
and then click to save the data.
The payment settings are mainly concerned with how PayNearMe payments will apply on your loans. The available settings are:
Payment Type – This lets you select the payment type that will determine the waterfall application of PayNearMe payments. The list of payment types can be modified at Settings > Loan > Payment > Types.
Payment Extra Towards – This lets you choose how LoanPro will apply any payment or portion of a payment received through PayNearMe that is more that the amount currently owed on the loan. This application is specifically for loans with an interest application of between transactions.
Payment Extra Towards Periods – This does the same thing as Payment Extra Towards, but this selection is specific to loans with an interest application of between periods.
Early Payment – This option lets you choose the early payment setting for PayNearMe payments made on loans with an interest application of between periods.
Charge Service Fee – This option lets you choose whether to charge your company’s standard convenience fee when a PayNearMe payment is made.
Custom POS Receipt
Here you can customize the point of sale receipt (the receipt given to your borrower at 7-Eleven when they make a PayNearMe payment).