New Loan / Renewal by Email Instant Funding

Here is a link to the training document on how to do Email Renewal and Instant Funding Direct Link to Document (use this for readability if the below is difficult): EMAIL RENEWAL INSTANT FUNDING

 

LP3 – Renew a Loan

Detailed Video on Loan Renewal

FB – Former Borrower Renewal

NC – No Cash Renewal (Customer has to pay to renew / refinance loan

BR – Borrower Renewal (Customer receives cash to renew / refinance loan

Edit High Credit – Increase the total amount customer can borrow

Loan Renewal Detailed Video

BR – Borrower Renewal (Customer receives cash to renew / refinance loan)

NC – No Cash Loan Renewal / Refinancing (Customer does not get cash to renew, they have to pay to renew) 

FB – Former Borrower Loan Renewal / Refinance

Renewal to New Edit High Credit Amount. How to increase the total amount the customer and borrow and renew/make a loan to that amount.

Renew a Loan

Quick Steps

  1. From the LP3 Main Menu Screen, click on Search Account at the top.
  2. On the Search Account Screen, enter customer info to find Customer Account.
  3. On the Customer Account Screen, click the RENEW button.
  4. Software will ask if you want to change the terms of the loan. If you would like to change the amount or terms. Select NO to keep the same
  5. Print the new loan contract for customer to sign
  6. Take payment for renewal or give cash back for renewal per details on paperwork
  7. Exit Customer Account back to LP3 Main Menu Screen, when finished.

How to Renew a Loan Video

Loan Plus 3 Updates / Notices


Questions, Comments, and Concerns.


LoanPlus3 Payment Processor

Bank Card Processing in LP3

We are happy to announce we have gone live with payment processing! We have secured a vendor and encourage you to contact us to get started on the setup, we are already supporting thousands of transactions, let us help make your life a little easier.

Call: 800-460-4600
Email: helpdesk@smallloansoftware.com or Click Here

With payment processing fully setup and enabled you are able to process bank card payments directly from the customer record of LoanPlus3 without changing your regular process on the customer record significantly.

Section 1. Adding and Removing Bank Cards

Adding a Bank Card

Just hit “Pay” as you normally would on the customer record and select ‘Card’ and you will notice it adds two buttons once you change the drop-down to card “Remove” and “Add Card”


Assuming you have no cards on this account
(looks like this with nothing to the right of the Card Payment type drop down ) :

Lets go ahead and click “Add Card” that will open a new prompt in the customer record that looks like this:


Go ahead and enter your clients card info, be especially observant of the expiration date (and at the time of this writing no clients use credit cards for payment so it may be best for consideration to also make sure its a DEBIT card)


Once filled out hit “Add Card”


And you will be dropped back into the LP3 Customer record payment prompt only now there should be the last 4 digits and card type next to card.

You will see the card type and last 4 of the card for any client who has a card added to their account.

If you have just added a card and do not see the Card Type and last 4 of the card shown on the payment window backout and try opening the customer record again and see if it has updated then give us a call.

Removing a Bank Card

If you need to remove a card simply click “Remove” with the card you want removed selected in the drop-down, it will give you no challenge response it will just remove the card as soon as you click “Remove” so make sure this is the action you intend to be taking.

Once I clicked remove I was immediately presented with the pay menu again and you can see the card has been removed from the payments list. See the example before and after below:


Before


After

Section 2. Payments

Making a Card Payment

Making a payment by Bank Card in LP3 is very simple once a card has been added you simply follow the normal operations to get into a customer record and hit “Pay” then change the Tender Type dropdown to “Card” if a card has already been added it will populate in a dropdown to the right of “Card” if multiple cards are added you will need to use the dropdown to select the right card based on the last 4 digits and expiration.

Typically with a card added this is what you will see on the account when you go to pay by card:

You will see the card type and last 4 of the card for any client who has a card added to their account. 

If you have just added a card and do not see the Card Type and last 4 of the card shown on the payment window back out of the customer account and try opening the customer record again and see if it has updated then give us a call.


Once you click “Ok” to pay

One of two things will happen next:

The account will post the payment and generate a receipt (Usually with the last 4 of the card on the receipt but those with custom developed receipts may not have this)

OR

You will get an error message that pops up on the screen giving you more information on why the decline happened or a general failure (Not Sufficient Funds, Expired Card, Transaction not permitted, Invalid Account Number, Service not allowed, Default Decline).

Reversing a Card Payment

Reversing a payment made by card is simple, you use the same process you would for any other payment.

Go to the customer record and select ‘Pay Reverse’ on the bottom row of buttons you must select the card payment in the dropdowns for the system to properly reverse the card payment this cannot be done in manual entry reversal and if a renewal has been made it would have to be reversed to get to the payment and then follow the standard pay reverse process.


When you reverse card payments it credits the amount back to their card exercise caution.

If you need to reverse as the result of an unusual event such as a chargeback please contact us and we can go over the process with you, the first instinct is to reverse the payment out of your system — if your payment processing is not disabled when that reversal is made you will send back the amount of the reversed payment to their bank account in addition to their bank recovering the initial payment and you will lose double.

Section 3. Fee Pass Through

Fee pass through is live! Call us today at 800-460-4600 to get it setup!

How it works: In the state of Texas you can charge a convenience fee for processing a payment on a card that is not physically present allowing your business to pass the cost of the transaction to the customer as long as the card is not physically present. To facilitate the requirements produced by the OCCC if you have Payment Processing enabled through LoanPlus3 then when you take a payment by card you will get a prompt asking if the customer is present which is indicative of the card’s presence as well so if you answer “Yes” to ‘Is the customer present?’ you will not be able to charge a fee as it is expected the card is physically on their person. Here is what that prompt looks like:


If yes the system will not charge the convenience fee

If you select “No” to ‘Is the customer present?’ then you will be able to charge a convenience fee during the transaction, the amount of which is configurable and its up to the business to determine a fee that is acceptable to them but also meets or is under state regulation. In this example the business is charging $2.00 for the convenience fee:


Notice the checkbox for “Customer is Present” checking this would disable the fee.

The fee is also tracked through the loan register under column “Misc/Conv” :

We see the TransType as P*CC or Payment by Card and the “customer is not present” was selected so each transaction was charged a convenience fee.

And its also stored on the period report in PTD/MTD/YTD under “Misc Fee”

Convenience fee’s are stored udner Misc Fee in the Period Report

If you have any further questions on payment processing don’t hesitate to reach out via Phone ( 800-460-4600 ), Email, or Contact Us Here!

Section 4. Frequently Asked Questions

  • How do I select a different card or remove an existing card?

Selecting a Card for Payment / Removing a Card

You can see all your cards in the dropdown with type and expiration, simply select the one your client requests to make payment with and click pay.

If you need to remove a card simply click “Remove” with the card you want removed selected in the drop-down, it will give you no challenge response it will just remove the card as soon as you click “Remove” so make sure this is the action you intend to be taking.

Once I clicked remove I was immediately presented with the pay menu again and you can see the card has been removed from the payments list.

  • How do I know I/we are getting the payments we put into your payment processor?
    • Your Home Office should absolutely have the ability to reconcile card transactions from the vendor against what is in LP3
    • Additionally you cannot take card payments with payment processing turned on without a token shown

Incorrect: No token present

Correct: Token is visible.

If you find you can take payments with no token next to the card dropdown then payment processing is not enabled, if you believe otherwise please reach out to us immediately!

  • Why can’t I take a credit card (e.x. Capital One)/Why only Debit Cards?

We don’t set the limitations of what you can do, get with your home office as we have set this up to their specifications.

LP3 – Today’s Business (Loan Register)

Todays Business Menu, takes you to the Loan Register.

Today’s Business AKA the “Loan Register”, contains the loan information for each of today’s loan transactions and transaction totals. Loans made and Payments Taken.

Loan Register / Drawer Register – Overview Video
Loan Register / Drawer Register – Loan Transaction Details Video
Loan Register / Drawer Register – Loan Transaction Totals Detail Video
Drawer Register – Cash Drawer / Bank Transaction Details Video
Loan Register / Drawer Register – Documentation
Transaction Types

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Trans Type

Transaction Type, can be one of the following:

B – Renewal (Refinance) with Cash Back to Borrower
I – In full payoff of Loan
N – New Loan
S – NSF Check
Z – Reversed Contract
F – Former Borrower Renewal (Refinance)
L – P&L (Profit & Loss) Recovery
P – Payment
K – Check
MO – Money Order
ACH – ACH
CC – Credit Card
OTR – Others (ie: online payment)
DX – Deactivate Auto Club Account
P* – Mail Payment
J – Reversal of P&L Payoff
O – No Cash Renewal (Refinance)
X – In full charge back (Could involve NSF) . Reversal of a payoff – Any circumstance that causes a reversal of the payoff. Customer writes you a check and account is paid off. Check bounces and you reverse the payoff.

Loan Register Transaction Types Video

 

LP3 – Make A Loan

Make a Loan

Quick Steps

  1. From the LP3 Main Menu, select Create Account 
  2. Create Account will open Customer Application Screen.
  3. Fill in the customer information. Items in red are minimum required to save application or create loan.
  4. Click on Create Account from bottom menu.
  5. Demographics Screen will open to allow for any final changes.
  6. Loan Details Screen will open to select loan amount and terms of loan.
  7. Click the Print Loan Documents Button to complete the loan.
  8. Once loan is complete, exit newly created Customer Account Screen to LP3 Main Menu.

How to Make a Loan Video

Contact Report

Reports 2.0 - Contact Report

Contact Report and Emp Activity Report

Features:
  • Search By Employee, Contact Type, Date or Date Range (60 Days Max)
  • Columns: Employee, Customer, Customer Account Number, Account Age, Contact Date, Contact Code, Promise to Pay Date, Additional Notes.
  • Column Sorting Order – Click the top of any column to sort that column by either alpha or numeric order
  • Search Box to search all columns for specific data. Multiple search data1 or data2
  • Column Reorder for export
  • Choose only specific data for export
  • Employee Activity Report
New To Contact Report: Employee Activity Report

  • Total Payments Taken
  • Total Payment Reversals
  • Renewals BR – Total Borrower Renewals
  • Renewals NC – Total No Cash Given/Customer Paid to Renew
  • BR or NC Reversal Totals
  • NL New Loan or FB Former Borrower Renewal Totals
  • NL or FB Reversal Totals
  • Total # of Transactions – Total of all the above numbers
  • Promises Due Today: Total of customers that made a promise to pay for date
  • Promises In Today: Total of customers that promised to pay, and paid for date
  • Promises Due MTD: Total of customers that made a promise to pay from the first of the month
  • Promises In MTD: Total of customers that promised to pay, and paid from the first of the month
  • Call Back/Reminders – Not In Use Yet
  • Accounts Accessed – Not in Use Yet
  • First Activity – Time the employee logged into the software for the day
  • Last Activity – This maybe a closeout or the last known activity by the employee for the day
  • First Contact – first time the employee made their first contact entry with a customer for the day
  • Last Contact – last time the employee made a contact entry with a customer for the day

Drawer Register

Loan Register / Drawer Register – Overview Video
Loan Register / Drawer Register – Loan Transaction Details Video
Loan Register / Drawer Register – Loan Transaction Totals Details Video
Drawer Register – Cash Drawer / Bank Transaction Details Video
Loan Register / Drawer Register – Documentation
Transaction Types

Powered By EmbedPress

Trans Type

Transaction Type, can be one of the following:

B – Renewal (Refinance) with Cash Back to Borrower
I – In full payoff of Loan
N – New Loan
S – NSF Check
Z – Reversed Contract
F – Former Borrower Renewal (Refinance)
L – P&L (Profit & Loss) Recovery
P – Payment
K – Check
MO – Money Order
ACH – ACH
CC – Credit Card
OTR – Others (ie: online payment)
DX – Deactivate Auto Club Account
P* – Mail Payment
J – Reversal of P&L Payoff
O – No Cash Renewal (Refinance)
X – In full charge back (Could involve NSF) . Reversal of a payoff – Any circumstance that causes a reversal of the payoff. Customer writes you a check and account is paid off. Check bounces and you reverse the payoff.

Mass Solicit

Mass Solicit – This allows you to mass solicit all customers that currently have loans to come in and renew/refinance to a new loan and usually with a minimum and maximum amount of money per settings to get back during the renewal.

Payment Reversal

How to reverse a payment in LP3

This video also goes over NFS Non Sufficient Funds returned check and how to reverse the NSF as part of a payment reversal. When someone renews their account to a new loan and the check was no good.