AutoPal 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 specific loan, navigate to Pmt Methods / AutoPay inside the loan.
Once you’re on this page you will see two lists. The first is a list of all payment methods currently assigned to the account, the second shows all pending AutoPays on the account. To schedule a new AutoPay, simply select the “Schedule New AutoPay” option to begin the AutoPay creation process.
This page is divided into three primary sections, New AutoPay, Payment Information, and Alternate Payment Methods.
New AutoPay Section
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 up to 10 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.
- Process Date – The process date is the date you want the system to try and pull the payment. This is usually the same as the application date, but it doesn’t have to be. As part of this option, there is a checkbox labeled “Last DoM”. If you check this box, payments will process on the last day of the month. You will only have this option if your Process Date is the 28th of the month or later.
- **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
- 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 at the time it processes the payment. The options are:
- Static Amount – You enter the amount of the payment
- 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
- Fees Due – The payment will equal the amount of the due fees on the loan
- P&I Past Due – The payment amount will equal the amount of principal and interest that is due on the loan
- Amount – If the Amount Type is set to static, this option will appear so you can enter the static amount.
- 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 because it’s only being added to the queue of payments to be processed at this time.
- 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).
- 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.
- Service Fee – This option lets you specify whether to charge a processing/convenience fee for automatic payments that run successfully.
- Retry If Payment Fails? – If a payment fails to process, you can choose to have the AutoPay 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.
- 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 ECheck 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 by your company for your e-check processor.
- Payment Method Type – This is the type of payment method (card, bank account) that will be used to process the payment
- Payment Method – Select a previously saved payment method to be used when processing the AutoPay. If there is no existing payment method, select the “Create New Payment Method” to save a new payment method.
- Payment Method Title – Add a title to the payment method. This will also show up as the primary title for the method when processing eCheck or Debit/Credit payments
- Name on Account – Enter the name associated with the payment method. If the name is that of the borrower, simply select the “Borrower” icon to autofill the information
- Account Type – If processing an eCheck type payment, you can select whether the account is a checking or savings type account
- Account Number – The account number associated with the payment method
- Routing Number – The routing number associated with the payment method
- Bank Name – The name of the bank associated with the payment method
- Address – The primary address associated with the payment method. Simply select the “Borrower Address” icon to autofill the borrowers address
- Zipcode – The zipcode associated with the payment method
- City – The city associated with the payment method
- State – The state associated with the payment method
- If using a debit card as the payment method, you will have different options, including; Card Number, Expiration Date, and CVV number
Alternate Payment Methods
This section allows you to assign an alternate payment method in the event the primary fails. The alternate method must be previously saved to the account. Once you are comfortable with the setup of the AutoPay, simply select the “Schedule AutoPay” button to schedule and finalize the creation of the AutoPay.