Schedule a New AutoPay
LoanPro provides robust options for automatic payments or ‘AutoPays’. These payments can be set to run once or on a specific schedule.
To schedule an AutoPay on a loan, navigate to Servicing > AutoPay inside the loan.
The AutoPay information is broken into three or four sections: Payment Info, AutoPay Info, Schedule Payments (only available if your AutoPay Type is set to Multiple Payment), and Review & Confirmation.
This section lets you either choose a payment profile that is already on file for the borrower or enter information for a new payment profile (card, bank account) that will be used for these automatic payments. For more information on entering a payment profile, see Add a Customer Payment Profile.
You can designate up to three payment profiles that the AutoPay will use. The three payment profiles are Primary, Alternate #1, and Alternate #2. If any of the payments the AutoPay tries to automatically process fail because of the primary payment profile, the AutoPay will try again with up to two additional payment profiles until either it is successful, or the other profiles fail.
To designate payment profiles as Primary, Alternate #1, or Alternate #2, use the checkboxes in the corresponding columns.
The purpose of this section is to enter all the information about when and how automatic payments should be processed. Here’s an explanation of the available options in this section:
- AutoPay Name – This is a name you assign to the AutoPay to help you distinguish it from other AutoPays you may schedule.
- AutoPay Type – This lets you decide how many payments should be automatically made by this AutoPay. Your options are:
- Single Payment – This will run only one automatic payment
- Multiple Payment – This will let you schedule an unlimited number of payments of different amounts and dates
- Recurring Payment – This will run payments on a specified frequency (e.g. monthly). You will specify how many payments this will run.
- Recurring Match Schedule – This will run payments for the amounts and dates that they come due on the loan.
- Apply Date – For a single payment, this is the date it will apply, for a recurring payment, this is the date the first of the recurring payments will apply. This date is synonymous with the date you would enter when logging a payment. This option is not available for recurring match schedule or multiple payments.
- Adjust process date checkbox – If this box is checked off then the system will have the apply date control the process date instead of the process date controlling the apply date. The settings that control what the difference between the two dates is located inside of AutoPay Defaults.
- Process Date – The process date is when you want the system to try and pull the payment. The system automatically inputs today's date, but you can manually change it. If the date is the 28th of the month or later, there will be a checkbox for "Last DoM," which will set payments to process on the last day of the month.
- Note – If in the AutoPay defaults you have specified that the “Payment Application Date Diff” is anything other than “Same Day” then you will see a variance between the Process Date and the Apply Date.
- If the payment date is set as the last day of the month, a box will appear giving you the option to have the process date continually be the last day of the month.
- Amount Type – This lets you specify how the amount of the payment will be calculated. For the calculated options, the amount is calculated when the payment runs. This means that if you choose Amount Past Due as the Amount Type and the loan is current right now, that doesn’t mean that the payment amount will be $0.00 when it runs, because the system will look at the amount past due right before it processes the payment. The options are:
- Static Amount – You enter the amount of the payment
- P&I Past Due – The payment amount will equal the amount of principal and interest that is due on the loan
- Amount Past Due – The payment amount will equal the amount due on the loan at the time the payment runs
- Next Due Amount – The payment will equal the amount of the next payment that will come due on the loan
- Next Period – When the next payment comes due on the loan, this will be the amount needed for the borrower to stay current. This means that if the loan is already current when the payment comes due, no amount will be due and the LMS will schedule the next payment. New to our Latest Release.
- Fees Due – The payment will equal the amount of the due fees on the loan
- Amount – If the Amount Type is set to static, this option will appear so you can enter the static amount.
- Payment Profile Type – This is the type of payment profile (card, bank account) that will be used to process the payment.
- Pay Extra Towards – If the automatic payment is for more than is due on the loan, this will let you specify what to do with the extra.
- Frequency – This option is only available if “AutoPay Type” is set to “Recurring Payment” or “Recurring Match Schedule”. The options are Annually, Bi-Weekly, Custom, Monthly, Quarterly, Semi Annually, Semi Monthly, Single, and Weekly. If you choose “Custom”, your options will all be a number of days per period. Any option containing the letter “b” is a number of banking days.
- Recurring Periods -This option is only available if “AutoPay Type” is set to “Recurring Payment” or “Recurring Match Schedule”. This is the number of payments that will be processed. However, if an AutoPay will take the account negative, the default behavior is not to process that AutoPay.
If your company is configured for multiple merchant processors there will be an additional option that says “Payment Processor.” This is where you will select which merchant processor the funds are supposed to be remitted to when the AutoPay processes successfully.
If you click Advanced Options > , you can view even more options that will apply to this AutoPay.
- Type of Payment – This lets you select the payment type from your list of payment types. The payment type you choose will determine the waterfall application for the automatic payment(s). You can edit the payment types for your company in Settings > Loan > Payments > Types.
- Service Fee – This option lets you specify whether to charge a convenience fee for automatic payments that run successfully.
- Post Payment Update Apply Date – This option works in conjunction with ‘Retry If Payment Fails?’. You can choose to have the system try to run a payment each day for up to 5 days if the payment fails. This option lets you specify whether to update the application date if the payment is successful. For example, if you have an automatic payment scheduled for November 5, but the payment fails to process, if the system tries to process the payment the next day and it is successful, choosing ‘Yes’ for this selection (Post Payment Update Apply Date) will change the Apply Date from November 5 to November 6.
- Authorization Type – This option is only available when E-Check is selected from the Payment Method Type drop-down menu. This lets you specify the way the payment was authorized by the borrower. If you make a choice from this drop-down, make sure it’s a type that is allowed for your company by your e-check processor. If you don’t make a selection this will be defaulted to the option set for your company for your e-check processor.
- If AutoPay amount exceeds or is equal than payoff amount – This option lets you choose how the system will deal with the last payment in the series of payments for this AutoPay. Your options are:
- Do Not Process – This will stop the system from processing a payment that exceeds payoff on the loan.
- Match Payoff Amount – This will adjust the final payment to the payoff amount and pay off the loan.
- Proceed With Payment – This will log the payment as is and take the loan to a negative balance.
- Flag as Recovery Payment – This will log the payments in the AutoPay as recovery payments.
- Process Time – This is the hour of the day when the automatic payment should be added to the process queue. If there are a lot of payments processing at that time then the payment may be processed several minutes later since it’s only being added to the queue of payments to be processed at this time.
- Process on calendar days or banking days only? – The options are:
- Calendar days – Payments will be processed on the days on which they happen to fall.
- Banking Days Only – If a payment falls on a non-banking day, it will be processed on either the next banking day or the previous banking day, depending on your selection from the “If process date is on non-US-banking day?” drop-down.
- If process date is on non-US-banking day? – This option will determine whether payments that fall on non-banking days will be processed on the previous or the next banking day.
- Retry If Payment Fails? – If a payment fails to process, you can choose to have the LoanPro system try to process it each day until the payment succeeds, for a maximum of five days. That means if a payment didn’t go through today, the system will try to process it at the same time tomorrow. Note: If you process AutoPays manually (either in the UI or through the API endpoint) the retry will not work.
- Schedule Next if Autopay Fails – If "No" is selected, a failed AutoPay will cancel any AutoPays scheduled in the future. Choosing "Yes" will mean that future AutoPays will remain scheduled even if one fails.
- Process If Current – This lets you choose whether to process the payment if there is nothing due on the loan. For example, if you have a recurring match schedule AutoPay and the borrower mails you a check for one payment, when the AutoPay is scheduled to be processed, you may or may not want to process it, since the payment was made by the borrower already.
- Process if Principal Balance is less than or equal to 0? – This option controls whether or not an AutoPay will process when the Principal Balance is less than or equal to 0.
- Reschedule recurring payments on? – For Recurring Payment type AutoPays, this option controls whether the payments are scheduled based on the Apply Date or the Process Date.
This section is only shown if the AutoPay Type is Multiple Payment.
Enter the date and amount for each payment you want to schedule into the Date and Amount fields respectively. To add another payment click the plus icon. To remove a payment, click the trash icon.
Review & Confirm
This section shows information about the AutoPay before you save it. To save the AutoPay, click 'Save' or 'Finish'.
AutoPay Step Logic
Before processing each AutoPay, LoanPro will run through the following logic to decide if the AutoPay should be processed.
- Closed date is checked. If current date > closed date, then the AutoPay is not processed. No further AutoPays are scheduled. If the AutoPay is specified to be a recovery payment, then this step will not stop the AutoPay from being processed.
- Process if Current? setting is checked. If Process if Current? is set to No and amount due is <= 0. No further AutoPays are scheduled.
- Amount type (fees due, next due amount, amount past due, P&I past due, static amount) is checked. The AutoPay amount is calculated based on the amount type selection. If the amount type is set to static amount, no calculation is necessary.
- Payment amount is checked. If payment amount <= 0 the AutoPay is not processed. No further AutoPays are scheduled.
- The convenience fee setting is checked. If a convenience fee should be charged, the fee amount is added to the AutoPay amount.
- The account payoff amount is checked. If the payment amount >= the payoff on the account for the apply date of the AutoPay then:
- If an AutoPay amount exceeds the Loan’s payoff amount, the setting is checked. If the setting is Adjust it to match payoff amount, the payment amount will be adjusted to equal the payoff. Otherwise, the AutoPay will not be processed. No further AutoPays are scheduled.
- If the previous checks are passed and the process reaches this point, the AutoPay is processed.