Payment Defaults

Complexity:    

Audience: Developers, Loan Servicing/Collections Managers, Administrator

Introduction

Defaults allow lenders to create a starting point for loan actions like payments, charges, creating new loans or customers, and AutoPays. This tool helps servicers do their jobs faster and more accurately. If a payment is made through the API and it does not have all the settings selected, the defaults will apply. The settings can still be changed as a servicer logs the steps.

How Payment Defaults Work

Any set defaults will appear when a servicer logs a payment. Defaults allow lenders to set their preferred settings but they can be changed by the servicer at the time of payment.

To set the defaults for new payments, navigate to Settings > Defaults > New Transaction > Payments inside your company account.

Here you can select the default payment type, extra towards options, service fee, payment method, authorization type, early payment (this only applies to between transactions loans), and reset past due setting.

Common Uses & Questions

Will defaults affect the payments I've already made? No, default settings apply to new payment and can be changed by the user when they log the payment.

Also in the New Transaction defaults section is New Charge Defaults. There are loan type defaults, system defaults, customer defaults, and user group defaults.

What’s Next

Payments – Intermediate: Explains how to log a payment and adjust all settings and options.


How did we do?


Powered by HelpDocs (opens in a new tab)