Borrower Initiated Payments allow borrowers, guarantors, and authorized viewers to make loan payments directly through the Baseline platform without requiring lender intervention. This self-service feature enables borrowers to pay their loans on time using their own banking information.
In order to enable this feature, a lender must have at least one USIO account added to their Baseline account for payment collection and have ACH payment collection enabled.
To learn more about how to add and enable payments through USIO, please refer to our walkthrough for Collecting Payments through payment accounts.
Making a Payment Online
Accessing Payments
Click on "Make a Payment" on a loan in the Baseline dashboard
Or go to a Loan and click on "Make a Payment"
Making a Payment
Select a due payment or multiple due payments on the payment selector modal
Continue to input personal details and banking information
Tick the confirmation box
Review the payment details, account details, and make the payment
Please note, payments can only be selected in order of recency.
For example, if a borrower has two payments due for September and October, they can only select October after selecting September.
A borrower will have to provide all the banking details necessary to process the transaction. These include:
Full Name of Account Holder: This is either the name of the person or corporation as it shows on the bank statement for the account to be used.
Account Number: Usually 10–12 digits, as shown on a voided check or Bank Statement
Account Type: Select Checking or Savings
Routing Number: a nine-digit code that identifies financial institutions
Account Holders Address: Full address that matches the on the record of the financial institution.
Finally after the Borrower Clicks "Complete Payment", they will see a confirmation screen that the submission was successful.
Internal Rules and Policies
If a payment is more than $10,000 it cannot be made online.
Any payments after that payment are "blocked" from being paid online unless that payment has been made, as shown below:
If a borrower is caught up with all payments and no payments are due, or if their next immediate payment is more than $10,000, they will not be shown any upcoming payments.
To learn more about the feature, please contact us or email us at [email protected]