PayNearMe is a service that lets your customers send cash payments to you at thousands of locations nationwide, like Walmart, CVS, and 7-Eleven. This service benefits customers who prefer to pay in cash by offering them greater flexibility in where and when they make their payments. Payments made in cash to PayNearMe are remitted directly to your bank account, and payment information is sent to LoanPro so payments can be automatically logged in your company’s account.
To use the integration with PayNearMe, you will first need to sign up with PayNearMe. Once you have an account, they'll provide you with credentials that must be entered into LoanPro.
To enter these credentials, Navigate to Settings > Company > Merchant > PayNearMe inside your LoanPro account. You can edit your credential information by clicking the 'Edit' button located on the right.
Here, you will also be able to turn Demo Mode on and off. Demo Mode allows you to test your integration settings without creating new PayNearMe orders. To turn it on or off, select the + or – button.
The payment settings mainly determine how PayNearMe payments will apply on your loans. Here is a breakdown of the available settings:
This allows you to 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 allows you to 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 the Payment Extra Towards setting, but this selection is specific to loans with an interest application of between periods.
This option allows you to choose the early payment setting for PayNearMe payments made on loans with an interest application of between periods.
Charge Service Fee
This option allows you to 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, which is provided to your borrower when they make a PayNearMe payment.
To edit the receipt, click the 'Edit' button. The formatting code in this editor is more limited than others, and you can only use the caret character (^) to center a line. However, you can use the LoanPro help variables to auto-fill loan-specific information in the receipt. To view and select help variables, click 'Help variables' at the top of the window. Once your receipt is complete, click 'Save'.