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Audience: Loan Servicer or Collector, Upper Management, Developers, Loan Servicing/Collections Managers
As borrowers make payments on their loans, it is essential that the funds are processed and tracked. LoanPro provides a place for lenders to track payments that they have processed, cash that they have received, and for some types of payments, LoanPro can process them with the help of integrated payment processors.
If you want a more basic introduction, read Intro to Payments.
Let's take a moment and answer all your burning questions about logging payments.
- Does LoanPro process all of my transactions? LoanPro is not a payment processor, however we use our sister software Secure Payments and integrated payment processors to help lenders process payments.
- How are 'payment method' and 'payment profile' different? A payment method specifies how the borrower will make their payment (e.g. bank account, debit card, credit card, cash). A payment profile is the actual credit card or bank account owned by a person (e.g. if a borrower has two credit cards, each card is a payment profile).
- Do I have to log each payment by hand? LoanPro has multiple features that make payments easier. AutoPays can be set up so the payment is made automatically. Imports are also an option when you have to log a large number of payments at once.
Now that you understand how payments work in LoanPro, you're ready to start logging them.