Written by Nate Christensen
Updated on May 25th, 2023
Table of Contents
Audience: Upper Management, Accounting, Loan Servicing/Collections Managers, Administrator, Data
General Information
Payment methods refer to the actual way that money comes from a borrower to you, like cash, bank cards, or bank accounts. This article explains how to customize the list of payment methods available for your company, letting you add new options like foreign currency, pawn trades, or crypto.
LoanPro is only integrated with payment processors who handle payments from bank cards and bank accounts. You can add a payment method for Euros or Dogecoin, but that doesn't mean LoanPro will have the infrastructure to move those payments for you—you would need to find or build an application that can actually move those funds for you.
If you're not yet familiar with how payments work in LoanPro, we recommend you check out Intro to Payments first.
If you'd like, you can create new payment methods that apply to your lending business. If you allow your borrowers to make payments over the phone or even with DogeCoin, you can create categories for them. Just remember, these are simply ways to categorize payments—they aren't a payment portal for your borrowers to make payments via these avenues.
Common Uses & Questions
Here's some information intended for specific audiences:
Upper Management Use
Although LMS has the option to add new methods here, this is essentially just a label in the software. Adding a label for Rubles or Rupees or RMB doesn't mean that you can process payments from them. If you want to process payments with new methods, you'll have to integrate with a system that handles those types of currency. This is a significant commitment of time and resources from your team.
Loan Servicing/Collections Managers or Administrator Use
Once you've created new payment methods, they're saved at the tenant-level, and will be available on payments across all of your loans. When you start logging a payment, the system will automatically select the method from your Payment Defaults. (Agent users can change it to another method if necessary.)
Accounting or Data Use
When you run reports involving payments, like a Payment Breakdown Report or Reversed Payments Report, you can filter by payment method (as well as by type, date, and other characteristics).
Will I now be able to process payments from these new methods? Not exactly. We've integrated LMS with processors that can handle bank card and e-check transactions, and we have a cash drawer feature for tracking cash payments. But if you want to process new methods, like foreign currency or crypto, you'll need to find a system that can support those transactions and then .
What’s Next
From here, you might be interested in Payment Type and Waterfall Application or actually logging payments.