Provide your borrowers with online access to their loans!
AutoPay is a payment processing service that integrates directly with Moneylender. The AutoPay service is operated by Whitman Techniological, the creators of Moneylender Professional.
When you sign up for the AutoPay service, you can enable AutoPay for any of the loans in your portfolio. Your borrowers will receive an email invitation to create a password for online access to their account. They’ll be able to see the updated balance on their loans, the due dates and the amount due. They can submit their banking information and schedule one-time and recurring payments through AutoPay. The money shows up in your bank account automatically and the payment records show up in your portfolio. It’s the easiest way to let your borrowers pay their loans.
Within Moneylender, you can manage the borrowers’ payments in case they call you for help cancelling or scheduling a payment with AutoPay. If a payment fails for non-sufficient funds, dispute, or other processing issues, Moneylender can optionally add an return payment fee to the loan automatically.
AutoPay is priced just as affordably as Moneylender:
Example cost: You have 30 loans that each pay $1000/month through the AutoPay service.
You collect $30,000 in monthly payments.
AutoPay fee is $15 (fixed fee) + $150 (transaction fees) = $165 for the month.
The payments automatically appear in Moneylender, no need to enter them yourself.
The $100 underwriting fee is charged only once at account setup. There is a $35 charge to change your bank account information if you decide to switch banks.
If a borrower has several loans in your portfolio, they’ll be able to see all their AutoPay-enabled loans from a single email/password. For loans from different portfolios or borrowers with multiple businesses, your borrowers can link their accounts together and still use the same login for everything.
Each depository bank account for receiving payments represents a separate entity, and must be separately underwritten. If you want to have funds deposited into Acme Lending's bank account, and have funds for other loans deposited into Apex Lending's bank account, both Acme and Apex need to be underwritten as separate processing accounts. If you can collect all the payments into Acme's bank account, then you can use just one processing account - transferring funds yourself between accounts after they are deposited. Moneylender and AutoPay will accommodate either scenario. The $15 monthly fee is charged for each entity, as well.
Sign in to your account and follow the link on the lower right to enroll in AutoPay.