AutoPay Service

Provide Your Borrowers with Online Access to Their Loans

• Let borrowers access their current principal balance, due date and amount due online.
• Accept ACH payments from borrower’s US bank account
• Allow borrower to schedule recurring ACH payments on their loans.
• Payment records appear in Moneylender automatically.
• Borrowers receive upcoming payment reminder emails.

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 payments 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 automatically add an NSF fee to the loan to compensate.

AutoPay is priced just as affordably as Moneylender:

• $15 Monthly Service Fee
• Per payment fee of the greater of $1 or 0.5%
• $15 NSF Fee for failed payments
• $100 one-time underwriting fee

The AutoPay service has several extended capabilities. If needed, AutoPay can bill the fees for loans under specific lenders to separate bank accounts. 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.

Note that each depository bank account for receiving payments represents a separate entity, and would have to 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.