AutoPay is a term used inside of AutoPal that is short for automatic payment. These types of payments are scheduled beforehand and will automatically process on the specified date(s). There are four different types of AutoPays that can be scheduled to fit nearly any possible scenario in which you would use this tool. For further information regarding AutoPay scheduling please review the following article: AutoPay Overview.
The AutoPay Tool lets you view all of your automatic payments in one place. To access this page, select Tools > System Tools > AutoPay.
The main page of the AutoPay System shows a list of currently scheduled AutoPays for your company.
You can search and filter this list using the advanced option search and the AutoPay search options. The AutoPay search options let you filter by:
- AutoPay Status – The status of the automatic payment. Options include:
- Any Active Status (Pending or Failed) – This option is the default. This option will include both payments that are pending, meaning they still need to run, and failed, meaning the system attempted to run them, but the payment was unsuccessful.
- Pending – Payments that the system will attempt to process in the future.
- Failed – The AutoPay was processed, however, the payment was unsuccessful.
- Completed – Payments that ran successfully.
- Cancelled – Payments that were canceled by a Servicing User.
- AutoPay Type – The type of AutoPay (as selected during the creation of the AutoPay).
- All Types – Searches all currently scheduled AutoPays regardless of type.
- Single – Searches only automatic payments scheduled as single.
- Recurring – Searches only automatic payments scheduled as recurring.
- Match Schedule – Searches only automatic payments scheduled as recurring – match schedule.
- Keyword Search
- By entering text into this field, only AutoPays that match the text entry will be returned. For example, you could use this field to search based on borrower name, or title applied to the AutoPay.
- From and To Date
- By entering dates into these fields you can restrict the search results based on a date range.
- Payment Method
- Allows you to restrict search results based on whether the AutoPay will process debit/credit or an eCheck.
- Allows you to restrict search results based on the frequency of the AutoPay. Monthly, Weekly, Bi-weekly, or Custom.
- Advanced Search Options
- Primary Portfolio
- Allows you to restrict search results based on the primary portfolio assigned to the loan.
- Secondary Portfolio
- Allows you to restrict search results based on the secondary portfolio assigned to the loan.
- Loan Status
- Allows you to restrict search results based on the currently assigned Loan Status.
- Source Company
- Allows you to restrict search results based on source company currently assigned to the loan.
- Primary Portfolio
Once you have applied search restrictions, the list of qualifying AutoPays will be presented below.
- The summary section gives you a brief overview of the currently searched AutoPays.
- History – This shows you history information for the AutoPay. This history may be extensive depending on how many payments have been processed for the AutoPay.
- Cancel – This will cancel and delete a scheduled AutoPay.
- Edit – This will re-open the AutoPay creation page, and allow you to alter the setup.
- Process Now – By selecting the Process Now button, the scheduled AutoPay will process now, instead of a future date & time.
AutoPal also offers default setting options for your AutoPays.
By selecting the “AutoPay Defaults” option, you will be presented with the following screen:
The default options include many of the settings options seen when creating a new AutoPay. Simply set the AutoPay options that mirror the desired setup, and upon creation of a new AutoPay, the defaults will apply.
Additionally located directly to the right of the “AutoPay Defaults” icon, there is a CSV download. This includes fields pertinent to the AutoPay in the event you are looking for printable reports.