LoanPaymentPro is one of LoanPro’s integrated payment processors. Through LoanPaymentPro you can accept ACH payments and bank card payments. You can also send funds through ACH.
Sign Up for LoanPaymentPro
To sign up for LoanPaymentPro, fill out the form here. This will inform LoanPaymentPro of your interest. Like all payment processors, they are subject to the regulations of an ODFI (originating depository financial institution). As such, they will have to evaluate your company as a payment processor through an underwriting process. If you are approved, the underwriting process often takes between 2 and 4 weeks to complete. Start the process early if payment processing is necessary to your business.
- Website: loanpaymentpro.com
- Phone Number: (888) 391-5901
In order to use LoanPaymentPro in LoanPro, you must first enter your LoanPaymentPro account credentials. To do this, navigate within your LoanPro account to Settings > Company > Merchant > Secure Payments. Then, click over to the Bank Account/ACH (USA) Processors tab.
Enter a name for the processor in the “Processor Name” field. Enter your LoanPaymentPro transaction key in the “Transaction Key” field. Click .
You can now use LoanPaymentPro.
Bank Card Integration
To use LoanPaymentPro to process credit/debit card payments, you will need to set up a LoanPaymentPro debit/credit card processor. To do this, go inside LoanPro and navigate to Settings > Company >Secure Payments, then click on the DEBIT/CREDIT CARD PROCESSOR tab.
Make sure you select "Loan Payment Pro" from the "Processor Type" drop-down. Enter a name for this processor to distinguish it from other LoanPaymentPro processors you may create. Enter the Transaction Key provided to you by LoanPaymentPro. You can choose some settings for this processor including:
- Bypass Processing - If set to yes, payments processed with this processor will get logged in LoanPro, but won't get sent to LoanPaymentPro.
- Default - If set to yes, this processor will become your default credit/debit card processor.
- Auto Reversal - If set to yes, charged-back payments will automatically be reversed in LoanPro.
You can now log a payment using LoanPaymentPro.
Debit Card Funding using LPP Processor
LoanPaymentPro gives you the option to fund through their processing. To do so, you will navigate to a Loan > Account Setup > Setup Tools > Enhanced Funding.
Once you click enhanced funding you will then click on 'New Fund' in the bottom right.
You will two drop-down options which are customer or source company. First we are going to go over how to fund through a customer.
Funding Through A Bank Card
LoanPaymentPro also lets you fund a customer through a debit card. You'll first want to check that a debit card can receive funding, which can be done through LoanPaymentPro's advanced card lookup. From there it follows our normal funding process.
You will then be able to enter in the information for a customers funding. Down below are the selection options:
- Funding Method - This is where you will choose Debit/ Credit card type. The other available options are, bank account/ACH deposits, EFT transfer, and other.
- Category - The category is where your funding information is going to be saved in. The only option available is 'Funding General'.
- Amount - The amount of money you're funding into a customers account.
- Customer - This is going to be the name of the customer you're funding.
- Payment Profile - Select a bank card payment profile.
- Merchant Processor Group - You need to select a processor group that has LPP bank card processor on it.
After you've entered in all the customers information and click 'Next', you will be taken to this confirmation screen for the summary of your funding, if it looks correct you will click 'Finish'.