LMS allows you to create defaults for your AutoPays. In this article, we will explain how the process works. These are tenant-level settings that determine what values will be presets when you create a new AutoPay on an account. Keep in mind that you'll be able to change those values on any individual AutoPay, but saving defaults can help your agents save time when setting up and servicing loans.
Setting AutoPay Defaults
To set AutoPay defaults, navigate to Settings > Defaults > Tools > AutoPay Defaults inside your company account.
You can set independent defaults for each payment method: Bank Card, ACH, and EFT. First, choose which type of AutoPay you want to set the defaults for, and then click 'Edit' in the top right corner.
Your default options include:
This is the type of AutoPay and is essentially the type of schedule on which the AutoPay will run. The options include:
This is the type of payment and determines the payment application.
Choose whether your company convenience fee should be charged when an AutoPay processes successfully.
Post Payment Update Apply Date
You can choose to have payments retry for up to 5 days if the original AutoPay doesn’t process successfully. Choose “Yes” from this drop-down if you want the payment application date to be updated based on the date when the AutoPay successfully processes. If you want to keep the original process date as the date to base the apply date on, choose “No.”
If AutoPay amount exceeds or is equal to payoff amount
This option lets you choose what the system should do if the AutoPay is attempted to be processed for more than the payoff on the account.
This lets you specify the hour of the day when payments from the AutoPay schedule will be added to the queue to be processed. Since these payments are added to the queue and only processed after the payments that are ahead of them, it’s unlikely they will process right at the hour.
We recommend setting this as a time outside of Daily Maintenance. Daily Maintenance is scheduled from 12 to a.m. to 6 a.m. in your time zone. During that window, the system calculates interest accrual, evaluates rules applied, adds automatic fees, generates reports, and performs a variety of other automated servicing tasks. Adding AutoPays to that list can slow down the system, but scheduling them outside of that window can help everything run faster and smoother.
Process on any calendar day or banking days only
This allows you to control the day payments are processed by allowing payments on any calendar day, or only on banking days. You can also specify if you would like the payment to be processed on the banking day prior-to or following a non-banking day.
Payment Process/Application Date Difference
This lets you choose an application date for payments that isn’t necessarily the date the AutoPay will run. You can choose the same day or up to 3 business days in the past or future of the date the AutoPay processes.
E-Check Authorization Type
This option is only available for e-check AutoPays. This option specifies how the payment was originally authorized and usually has to match what is on file for your company with the payment processor. The options include:
Pay Extra Towards (Between Transactions)
If the AutoPay is over the regular payment amount, this option allows you to designate how the extra should be handled for Between Transactions loans.
Pay Extra Towards (Between Periods)
If the AutoPay is over the regular payment amount, this option allows you to designate how the extra should be handled for Between Periods loans.
When you're done making edits, be sure to click the 'Save' button.