To collect loan payments through Baseline, you first need to set up a payment processing account with us.
Activate the Payment Processing function
To activate the send an email to [email protected] requesting the payment collection function.
This function is only available to collect regular payments from borrowers and deposit the funds into your account.
Once the payment collection is activated, four steps are required on a loan to collect a payment:
Have authorization from the borrower to collect payments from their bank account
Complete Loan Info
Ensure all details within the loan are correct, such as rates, loan amount, and amortization type. These details are found under the General and Settings Tab within a Loan.
Add the Borrower's Bank information
The pieces of banking information you will require from your client are Account Name, Account Number, Routing Number and Account Type (Checking or Saving). You will also need to set the status to either 'Active' or 'Disabled'. You can use the disabled setting to ensure this specific loan does not display as an option when processing payments in bulk via ACH payments in your payments section.
Ensure the Borrower's address is complete
You will need to add an address for the borrower before processing a payment using their preauthorized debit. If you attempt to process a payment from the borrower before taking this step, it will result in an error and ask you to attach their address. To complete this step, navigate to the 'Borrower' tab within the loan, click the borrower name, and then ensure an address is added. Alternatively, you can navigate to the Borrowers section in the left-hand side menu, search for the relevant borrower, click on their name and add an address in the same section.
Collecting Payments
Once you have followed these steps, you're ready to collect payments from borrowers. To do so, navigate to the 'Payments' section under 'Servicing' in the left-hand side menu. If any of your loans have due payments, you'll see them in this section. To collect a payment, select the loans you wish to process a payment for, then hit the 'record payment' button on the top right hand corner, and a payment pop up will appear. If your payment collection via Usio has been set up, you'll see a 'collect payment' button. Hit this button, and your payments will automatically be collected by pre-authorized debit.
Note: Due payments will only appear in the payments section at the time specified within your General Settings section. To change this setting, navigate to your profile via the silhouette on the top right hand corner of the page, select the 'General Settings' option, and then specify the number of days before you want your payments to appear in the "How many days before a due date to display payments?" section.