Effective use of charges is integral to maximizing your usage of AutoPal Loan Servicing Software. AutoPal has several native tools built into the system to help make the process of applying charges simple. The system also has several different settings options to help match our automated charges to your desires.
There are several sections located on this page that can be configured to help the charges better match your desired usage of the software.
- Charge Type: The charge type settings allow you to add custom charge types for future application of fees. The system comes defaulted with the following charge types: Late Fee, Convenience Fee, NSF Fee, Repossession Fee, Other Fee. A “Charge Type” must be attached to each fee you add to a loan, as this facilitates easier tracking of the charges. The Charge type settings allow you to add new types if the type of fee you are applying is not accurately represented by our existing options. To add a new charge type simply select the “Add Charge Type” option. Once selected you will be greeted with the following screen: simply add your desired title for the charge type, and select save to add a custom charge type to the list of available options.
- Payment Reversal Charge Defaults: Use this tool to set defaults for reversing a payment. If you want to charge a fee by default, enter the information about the fee you would like to charge (e.g. type, amount, etc.).If you are using VersaPay for EFT processing (Canada), then you will have the option to automatically charge this fee if the EFT is returned. Otherwise, this option will not show. Once you have accessed the tool by selecting the “Edit Defaults” button on the right, the following window will open: From this page, you will have the fields necessary to set the reversal charge defaults.
- Charge Amount: Use this field to set the default amount the automatic reversal fee will consist of.
- Charge Type: Use this field to set the default charge type that will be applied to the fee, and will be reflected on the loans.
- Auto Reverse Returned Speedchex Transactions: If you are using the “Speedchex/ACHQ” integration for merchant processing, this section will allows you to determine if the transactions will be automatically reversed in the event of an NSF.
- Info/Memo: Entering text into this field will set a default memo to all payment reversal charges. If left blank, the info will autofill the date of the charge.
- Add Charge on Payment Reversal: Choose whether the default will be to add this charge when a payment is reversed, or not. You can make or change this selection when reversing a payment.
- Auto Reverse Charged Back Authorize.net Transactions: This default determines how the system will handle charged back Authorize.net transactions. You can either have the system apply an automatic reversal, or let elect to manually reverse the transactions.
- Change Due Date Charge Defaults: Manage the default settings to elect whether there is a default charge for changing due dates, and if yes, what the fee amount is.
- Charge Fee Automatically: Choose whether or not the system will apply the fee by default.
- Charge Amount: Select what the default fee amount will be when a client changes their due date.
- Info/Memo: Enter in the desired default memo/note that will be recorded to the fee in the event a due date is changed.
- Recurring Charges: Recurring charges give you the ability to set custom charge amounts based on triggers. Please see the following article for more information on Recurring Charges.
- Contingency Fee Brackets: Create custom brackets for an option on the automatic recurring charges.
If you create a new recurring charge, you can select to have it charge for the amount of that fee based on the contingency. So rather than being a fixed dollar or percentage, it will be the contingency amount determined by these brackets.
These can be customized based on the contingency trigger.
- Once you have accessed the contingency brackets, simply enter the starting balance, ending balance, and the amount of the automated charge once the criteria has been met.
- Late Fees: This setting will default to only charge late fees on “Active” status loans.
This will control which account statuses your company has the “Automatic Late Fee” bot running on. So if your company does not want loans that are in “Collection Account” to be getting charged late fees then simply choose to “Disable” the late fee bot for that loan status.simply toggle the On/Off switches for each loan status you would like late fee’s to apply on. It should be noted that late fees are triggered by the grace period ending. So in the event a loan is delinquent past the pre-set grace period, the system will check if it is fee eligible.