ACHQ
LMS and Secure Payments are integrated with ACHQ (formerly known as SpeedChex), a payment processor that handles same-day ACH transactions in the U.S., including Puerto Rico and the Virgin Islands.
Before you create an ACHQ processor in LMS, you'll need to sign up for an account with them on their website.
Setup
You can set up a SpeedChex/ACHQ processor in both Secure Payments or our loan management system (LMS). No matter where you set it up, they will link to each other.
From Secure Payments
To set up an ACHQ processor in Secure Payments, navigate to Processors > Bank Account/ACH (USA) > SpeedChex/ACHQ. Click the plus button at the top right to add a new SpeedChex/ACHQ processor.
You should see the following fields available for SpeedChex:
| Field | Description |
| Name | This name should distinguish this processor from others you may set up. |
| Merchant Account Email | The email you have on file with SpeedChex/ACHQ |
| Gateway ID | Your SpeedChex/ACHQ Gateway ID provided by SpeedChex. |
| Demo Mode | This lets you toggle your ACHQ account between demo mode and live mode. In demo mode, LoanPro won't send transactions to ACHQ. |
| Merchant ID | Your SpeedChex/ACHQ Merchant ID provided by SpeedChex. |
| Gateway key | Your SpeedChex/ACHQ Gateway key provided by SpeedChex. |
| Email Customer | This specifies whether you want ACHQ to send emails about returned payments to the Merchant Account Email. Choose ‘Yes’ or ‘No’ from the ‘Express Verify’ drop-down to determine if payments should be pre-scrubbed and rejected if they don't meet Express Verify criteria. |
| Express Verify | This will enable an algorithmic verification of the routing and account number. |
Once you've set up your ACHQ processor, click ‘Save.’ You are now ready to begin processing payments.
From LMS
To set up an ACHQ processor in LMS, Navigate to Settings > Company > Merchant > Secure Payments > Bank Account/ACH (USA) > Add Processor. Select ‘SpeedChex’ as the ’Processor Type' from the dropdown menu.
You should see the following fields available for SpeedChex:
| Field | Description |
| Processor Name | This name should distinguish this processor from others you may set up. |
| Gateway ID | Your SpeedChex/ACHQ Gateway ID provided by SpeedChex. |
| Merchant ID | Your SpeedChex/ACHQ Merchant ID provided by SpeedChex. |
| Gateway key | Your SpeedChex/ACHQ Gateway key provided by SpeedChex. |
| Merchant Account Email | The email you have on file with SpeedChex/ACHQ |
| Email Customer | This specifies whether you want ACHQ to send emails about returned payments to the Merchant Account Email. Choose ‘Yes’ or ‘No’ from the ‘Express Verify’ drop-down to determine if payments should be pre-scrubbed and rejected if they don't meet Express Verify criteria. |
| Express Verify | This will enable an algorithmic verification of the routing and account number. |
Settings
There are also several settings options to help you get the most from your ACHQ account. Here are some examples:
| Setting | Description |
| Demo Mode | This lets you toggle your ACHQ account between demo mode and live mode. In demo mode, LoanPro won't send transactions to ACHQ. |
| Auto Reversal | Selecting this option will automatically reverse payments in the LoanPro system if they are returned by ACHQ, since it usually takes approximately 3 days for an eCheck payment to go through. If there aren’t sufficient funds to cover the payment or the payment is returned, this setting will let you avoid looking up and manually reversing returned payments in your system. |
| Default Processor | This option will let you set this processor as your default. |
Once you've set up your ACHQ processor, click ‘Save’. You are now ready to begin processing payments.
Once you've got your processor set up in LMS, you'll be able to select that processor when logging ACH payments. Our logging payments article gives you the step by step instructions.
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